Humana investment strategy: primary-care clinics, home health, tech

Humana's main business is selling insurance plans to people 65 and older in the Medicare Advantage program. That's the private alternative to the original Medicare program.among insurers to become more than intermediaries that pay medical bills.

Humana's doing more than buying and bolting on fully formed companies. It often wants to influence a startup in some way so that it fits into Humana's vision of what the healthcare experience should be. Sometimes it helps the company scale its operations, upgrade its technology, or transition to taking on financial responsibility for patients' health.

Home healthcare was stuck in the traditional fee-for-service healthcare system, in which providers bill insurers for every patient visit, procedure, or test, said Susan Diamond, president of Humana's home segment and the insurer's interim chief financial officer. Humana primarily gets fixed monthly fees from the federal government. The two payment models don't jibe.

"Once we have greater confidence that the model and the processes are more solidified and mature and are ready for more rapid expansion, we may look to do something similar" to the Kindred acquisition, she said. Even before Humana made these investments in home healthcare, it was building out a network of primary-care clinics that focus on serving seniors., said the company began investing in other primary-care companies in addition to building its own clinics to bolster capacity in the marketplace. Humana sees better health outcomes among members who go to senior-focused clinics.

Humana also has a joint venture with ChenMed, a chain of primary-care clinics that operates 25 JenCare clinics in six metropolitan areas. ChenMed is the majority owner of the joint venture, which dates back to 2011, and has full operating control, a ChenMed spokesperson said.with private-equity firm Welsh, Carson, Anderson & Stowe in February 2020 to build 50 primary-care clinics for seniors.

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