Aetna 2001 Annual Report Download

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The Course of Leadership
  

Table of contents

  • Page 1
    The Course of Leadership

  • Page 2
    ...Times Getting it Right Taking the Long View Building Lasting Partnerships Regina E. Herzlinger Nancy R. McPherson Professor of Business Administration Chair Harvard Business School Robert S. Galvin, M.D. Director of Global Health Care General Electric Company Selected Financial Data...

  • Page 3
    ...we strengthen and restore Aetna's abilities to provide what people really want - more choices, more control over their health care, efficient claims payment and clear information - we maintain a steady focus on the future of our industry. This report underscores Aetna's commitment both to revitalize...

  • Page 4
    Chairman, President and Chief Executive Officer 

  • Page 5
    .... In we assembled a new team of senior leaders from inside and outside Aetna. We brought in talented, experienced and well-regarded executives such as Ron Williams, head of Health Operations; Bill Popik, M.D., chief medical officer; Wei-Tih Cheng, chief information officer; and David Kelso, head of...

  • Page 6
    ... anticipate and respond to new consumer demands for more choice and control with innovative products such as our new Aetna HealthFundTM health plan. Our priorities for are clear: Building on the important work begun in we will further improve pricing, manage medical costs appropriately, reduce...

  • Page 7
    ... by providing Aetna shareholders approximately in exchange for each of their shares, plus stock in a new health company. Looking toward the future, Bill initiated programs to reshape our product portfolio, enhance relations with doctors and hospitals, and improve the quality of customer service. He...

  • Page 8
    ... Vice President and Chief of Health Operations Back to Basics In Aetna went back to basics - focusing on the specific needs of our customers and how we can deliver the most value for them. Our new customer segment strategy - national accounts, middle market and small business - allows us to...

  • Page 9
    ... Aetna Global Benefits Senior Vice President Select & Key Accounts Senior Vice President Small Group Business and Medicare Aetna is a leader in serving large, multistate Fortune companies that want a broad array of products, superior customer service, plus programs that enhance the quality...

  • Page 10
    Sound Planning for Uncertain Times "It's daunting to plan for a lifetime of unknowns. In we changed our focus from simply delivering competitive life, disability and long-term care products to helping employees prepare for life's uncertainties." Senior Vice President, Group Insurance and Large ...

  • Page 11
    ...® Web site and Aetna Navigator™, our online health information and benefits management tool, are giving customers the information they need to access the best possible health care. "At the heart of what we do every day is the promise we made when our members chose Aetna for their health plan.We...

  • Page 12
    ... strategy also requires excellent execution. We're witnessing a period of rapid change; old paradigms no longer apply. As costs skyrocket, employers and consumers want new ways to secure access to the best of today's medicine. Consumers and physicians want fewer restrictions and more choices, fewer...

  • Page 13
    Vice President Strategy Senior Vice President Human Resources For  years, Aetna has been a reliable partner for people seeking protection from various risks. Today, we are building on that foundation a new, high-performance culture that places the customer at the center of everything ...

  • Page 14
    .... We've trimmed referral and precertification requirements. Instead, we're working with physicians and hospitals through case management and discharge planning. Senior Vice President and Chief Medical Officer Electronic claims processing eliminates paperwork and returns faster, more accurate...

  • Page 15
    ... As a leader, innovator and partner in health care, Aetna continues to encourage and foster meaningful dialogue on many of America's pressing health care issues. As we did in last year's Annual Report, the new Aetna has enlisted a cross section of highly respected leaders to share their diverse...

  • Page 16

  • Page 17
    ...belief that transparency and public disclosure improves quality. Public release of measures has occurred in multiple sectors, from electronics and automobiles to financial services. Medicare now publishes outcome data from dialysis centers and nursing homes, and has announced its intention to expand...

  • Page 18

  • Page 19
    ... laboratory security and assure safe storage and handling. Bioterrorism confronts us with extraordinary challenges, yet there is a clear path for meaningful action. Moreover, investments made to strengthen public health, improve medical management and support research will greatly benefit protection...

  • Page 20

  • Page 21
    ... insurance coverage for mental health treatment, the stigma of mental illness and limited public understanding of the benefits of treatment. Resistance to parity in insurance coverage of mental disorders resulted from the lack of clear treatment standards, the predominance of long-term psychotherapy...

  • Page 22

  • Page 23
    ... and terrible. We must act! Nearly  percent of Americans will need some form of long-term care during their lives - but no one plans for its cost. Many think that Medicare pays for extended long- term care expenses, but it does not. We need to help families secure access to the long- term care...

  • Page 24

  • Page 25
    ... has been replaced by the pharmaceutical engine of the st. Pharmacy costs have been ballooning for years, to the dismay of employers, health plans and consumers. But rather than fret about outsized growth in one spending category, we should celebrate. Why? Because high-priced new drugs are the...

  • Page 26

  • Page 27
    ... form of state health and safety regulation. Lawsuits with an implicit regulatory agenda strike at the very heart of the managed care industry, which arose from the need to replace fee-for-service plans with a more efficient system based on the latest knowledge regarding the costs and benefits...

  • Page 28

  • Page 29
    ... in my Harvard Business School Conference on Consumer-Driven Health Care spawned the movement with the widespread introduction of lower-cost catastrophic insurance products. Under the corporate umbrella, employers will follow defined-contribution pension models, creating a supermarket stocked with...

  • Page 30
    ...progress for its constituents with new and innovative consumer-oriented products and improved customer service, closer collaboration with physicians, and a renewed commitment to work with all who are interested in improving the health care system. All of us at the new Aetna will continue our efforts...

  • Page 31
    Selected Financial Data Consolidated Statements of Income Consolidated Balance Sheets Board of Directors and Management For More Information Shareholder Information 

  • Page 32
    ... per common share computations for those years because including such securities would be anti-dilutive. (3) (4) The foregoing financial information should be read in conjunction with the financial statements and related notes as presented in Aetna Inc.'s 2001 Annual Report on Form 10-K. 

  • Page 33
    ... earnings per common share computations for those years because including such securities would be anti-dilutive. The foregoing financial information should be read in conjunction with the financial statements and related notes as presented in Aetna Inc.'s 2001 Annual Report on Form 10-K. 

  • Page 34
    ...Deferred income taxes Other long-term assets Separate Accounts assets Total assets Liabilities and shareholders' equity Current liabilities: Health care costs payable Future policy benefits Unpaid claims Unearned premiums Policyholders' funds Collateral payable under securities loan agreements Short...

  • Page 35
    ... Senior Vice President Investment Management Group Vanda B. McMurtry Senior Vice President Federal Government Relations Dennis Oakes Vice President Investor Relations William C. Popik, M.D. Senior Vice President and Chief Medical Officer Elease E.Wright Senior Vice President Human Resources 

  • Page 36
    ... consult its Web site at http://www.nti.org. David Mechanic, Ph.D., contributor of the essay Mental Health Parity, is the René Dubos University Professor of Behavioral Sciences, and Director, Institute for Health, Health Care Policy, and Aging Research at Rutgers University, New Brunswick, N.J. For...

  • Page 37
    ...telephone response center to service registered shareholder accounts. Registered owners may contact the center to inquire about replacement dividend checks, address changes, stock transfers and other account matters. EquiServe Trust Company, N.A. P.O. Box Jersey City, New Jersey For direct deposit...

  • Page 38

  • Page 39
    ... thoughts and prayers of the entire Aetna family remain with you. To our fellow citizens, Aetna's long-standing "Culture of Caring" for its communities endures, thanks to thousands of dedicated Aetna employees who have stepped forward with donations of money, time and other assistance, just as they...

  • Page 40
    151 Farmington Avenue, Hartford, CT 06156 1-800-US-AETNA http://www.aetna.com GR-57955