Coventry Health Care had a record-setting year in 2007. They grew revenue to nearly $10 billion, a 28% increase over 2006. Membership increased to over 4.6 million across all 50 states, served through their commercial, individual/government, and specialty divisions. Challenges in the healthcare landscape include rising costs, a growing uninsured population, and increasing Medicare/Medicaid costs. Coventry is well-positioned to help craft innovative solutions through public-private partnerships, given their expertise across multiple areas of healthcare.
The world's leading provider of computer-aided design, business and manufacturing software solutions tailored for the interior design and furniture industries.
The world's leading provider of computer-aided design, business and manufacturing software solutions tailored for the interior design and furniture industries.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
2. a Fresh perspective
Coventry Health Care
At Coventry Health Care, we are driven to ensure that every person and organization we serve receives
the greatest possible value for their health care investment. We do this by bringing together members,
employers, and providers, making available the best possible information, and together devising
solutions that help people enjoy optimal health.
Currently, we serve more than 4.6 million members in all 50 states. Through our three divisions—
Commercial, Individual Consumer & Government, and Specialty—we provide a full range of
products and services, including group and individual health insurance, Medicare and Medicaid
programs, and coverage for specialty services such as workers’ compensation.
We are committed to delivering these products and services to an ever-widening base of customers.
Coventry has the expertise, the experience, and the agility to craft the new products, the
new processes, and the new services needed to make health care more accessible
and affordable to all Americans.
3. Sel ec ted conSolidated Fina nci a l inFor m at ion
(in thousands except per share and membership data)
december 31,
2006 2005 2004 2003
2007
oper ationS Statement data (1)
operating revenues $ 9,879,531 $ 7,733,756 $ 6,611,246 $ 5,311,969 $ 4,535,143
operating earnings 841,003 791,818 496,671 366,197
932,632
earnings before income taxes 896,348 799,425 526,991 393,064
994,870
net earnings 560,045 501,639 337,117 250,145
626,094
Basic earnings per share 3.53 3.18 2.55 1.89
4.04
diluted earnings per share 3.47 3.10 2.48 1.83
3.98
Ba l a nce Sheet data (1)
cash and investments $ 2,859,237 $ 2,793,800 $ 2,062,893 $ 1,727,737 $ 1,405,922
total assets 7,158,791 5,665,107 4,895,172 2,340,600 1,981,736
total medical liabilities 1,161,963 1,121,151 752,774 660,475 597,190
long-term liabilities 309,616 309,742 25,854 27,358
445,470
debt 760,500 770,500 170,500 170,500
1,662,021
Stockholders’ equity 3,301,479 2,953,002 2,554,703 1,212,426 928,998
oper ating data (1)
medical loss ratio 79.3% 79.4% 80.5% 81.2%
79.6%
operating earnings ratio 10.9% 12.0% 9.4% 8.1%
9.4%
administrative expense ratio 17.3% 17.9% 11.5% 12.0%
18.1%
Basic weighted average shares outstanding 158,601 157,965 132,188 132,170
154,884
diluted weighted average shares outstanding 161,434 161,716 135,884 136,148
157,357
total membership 4,673,000 4,107,000 3,706,000 2,509,000 2,383,000
(1) operations Statement data include the results of operations of acquisitions since the date of acquisition. Balance Sheet data reflect
acquisitions as of december 31 of the year of acquisition.
TOTA L R EV E N U E E ARNI NGS PE R SHARE O PE RATI NG E ARNI NGS
(in billions) (in millions)
$3.98
$9.88 $932.6
21% 21% 26% $841.0
$3.47
CAGR CAGR CAGR
$791.8
$3.10
$7.73
$6.61
$2.48
$5.31 $496.7
$1.83
$4.54
$366.2
’03 ’04 ’05 ’06 ’07 ’03 ’04 ’05 ’06 ’07 ’03 ’04 ’05 ’06 ’07
(CAGR represents the compound annual growth rate)
2007 Summary annual report | page 1
4. letter to
our Shareholders
a t coventry, our goal is straightforward: to ensure that every
person and organization we serve receives the greatest possible
value for their investment in health care. this goal shaped every
step we took in 2007. We found smarter ways to operate. We encour-
aged our people to push to the next level, empowered them to make
decisions, and gave them the tools to execute. When we entered a
new market or launched a new product in 2007, we intended to win.
But fundamentally, our business is about helping people. our job is to bring
together members, employers, and providers, make available the best possible
information, and together devise solutions that help people enjoy optimal health.
that is the key to our success, and that is what our 2007 results demonstrate.
a record-Setting Year
coventry is a company on the move. We bring attractive products and attentive
service to business groups of all sizes. enrollment in the small group segment
grew 6 percent organically in 2007. at the same time, membership in our individual
plans more than doubled, an important milestone considering the growing
number of uninsured in our country.
in addition, we successfully launched a medicare advantage private Fee-for-
Service business, adding 166,000 members. our medicare part d
prescription drug program enjoyed a second outstanding year, with more
than 700,000 members now enrolled. We also grew our network-based
medicare products, achieving more than 10 percent organic member-
ship growth and further expanding our footprint.
We also took a number of steps to strengthen and grow our com-
pany. We made four acquisitions that impacted all lines of
Dale B. Wolf, Chief Executive Officer
coventry health care | page 2
5. 4,673,000 mor e than 4.6 million cuStomerS acroSS all 50 StateS
continue to rise in excess of inflation as new high-
business, from medicaid to workers’ compensation,
tech diagnoses and treatments are introduced and
where we are the national leader. We also took
the population ages. rising costs are driving employ-
advantage of our improved credit rating to refinance
ers to shift payment responsibility to employees and
our debt at terms that are more favorable. this
retirees, either by dropping coverage or raising pre-
transaction not only reinforces our organizational
miums. individuals now make more health payment
stability but also gives us additional flexibility to
decisions and share more of the costs.
meet our customers’ needs.
there were, however, areas where we fell short
of the mark. retention efforts for some of our large
groups did not produce the renewal business we Coventry has the expertise, the experience, the
would have liked. as a result, we are re-examining
capability, and, most importantly, the agility
these programs to make sure they are fully respon-
sive to large group needs. We are also redoubling
and drive to help craft the new products, the new
our efforts to serve more medicaid members, an
area of our business that saw no organic growth dur- processes, and the new services that are essential to
ing 2007. We believe that additional states will ben-
delivering affordable health care.
efit from our expertise in improving the health of
state recipients while lowering public expenditures.
in 1998, we had health plans in three mar-
kets, serving 1.4 million members. at the end of
But not all of these individuals are seeking
2007, we were a national company with more than
insurance. there are currently 47 million uninsured,
4.6 million members. our success in providing the
a population growing at an annual rate of 2.5 per-
products and services people want is directly
cent. at the same time, higher consumer out-of-
reflected in our revenue growth. in 1998, our reve-
pocket payments and the increase in the number of
nues were $2.1 billion. in 2007, they reached $9.9
uninsured continues to aggravate the bad-debt prob-
billion, while our earnings also continued to increase.
lem for providers.
high-tech care and an aging population are
a FaSt-changing landScape
also behind the unprecedented spike in medicare
there is no doubt that the challenge of making
and medicaid costs. medicare and medicaid costs
health care more widely affordable and accessible is
are expected to surge from 4.8 percent of gdp in
growing dramatically in complexity and intensity.
2007 to 8.1 percent in 2020.
the agility and initiative that coventry has demon-
the next administration in Washington will
strated again this year will be in high demand as we
inevitably tackle these issues, but the exact form
move forward.
their initiatives will take is unclear. at the very least,
a number of well-publicized factors contrib-
we can expect greater government intervention in
ute to the urgent need for action. medical costs
2007 Summary annual report | page 3
6. 9.88 billion
$ 2007 r eVenue groW th oF 28% to near lY $10 Billion
mean the state-driven expansions of medicaid as
2 0 0 7 h igh l igh t S :
well as growth of individual product options.
coventry moved forward decisively in each of our businesses in
the private sector has a role to play that is
2007, increasing our capacity to make affordable, accessible health
crucial to the success of these efforts. For instance,
care a reasonable option for more americans:
the states are increasingly turning to third parties to
• ontinued to grow the small group business with consistent operat-
C
administer managed care for medicaid. to the
ing margins.
extent that medicaid is expanded to cover the unin-
• ontinued the development of new commercial markets in
C sured, the expertise that the private plans bring to
Oklahoma, South Carolina, and Tennessee while announcing
the table will be crucial. limiting the growth of the
a new market entry in Tampa.
uninsured will depend on the private sector’s ability
• ore than doubled our individual membership to 93,000 by intro-
M to design innovative plans that make health insurance
ducing our Coventryone product in all our health plan markets. affordable for small groups as well as individuals.
• uccessfully launched a Medicare Advantage Private Fee-For-Service
S
business, expanding the program to more than 166,000 beneficiaries a relentleSS commitment to Value
Whatever solutions are devised, they are likely to
across the country.
involve public-private partnerships. coventry has
• chieved more than 10 percent membership growth in our network-
A
the expertise, the experience, the capability, and,
based Medicare Advantage products, opening new markets, expanding
most importantly, the agility and drive to help craft
current geographies, and continuing to grow our network of doctors
the new products, the new processes, and the new
and hospitals.
services that are essential to delivering affordable
• ositioned our Medicare Part D prescription drug business in all 50
P
health care.
states, introduced a low price-point product to help those beneficiaries
as our results this year have shown, we have
with modest incomes, and grew membership to more than 700,000.
strengths in many areas—in employer group insur-
• ccelerated momentum in our workers’ compensation business,
A
ance, in medicare, and in individual insurance—
thanks to an acquisition that positioned us as the market leader.
that will be part of a health-care solution, regardless
• ompleted four acquisitions that impacted all lines of business,
C
of the specific steps taken on the federal and state
strategically deploying more than $1.2 billion.
level. moreover, we have a deep commitment to
• laced $800 million of new senior notes and upsized and improved
P
maximizing the value of every dollar spent on health
our line of credit, producing savings that translate into lower
care. We understand this means more choices, lower
premiums and even more efficient service.
costs, and more consistent, high-quality care.
• irectly added to shareholder value by buying back 7.5 million shares
D
how do we translate this commitment into
for nearly $430 million, our largest share repurchase program ever.
action? at coventry, we focus intently on opera-
tional excellence, constantly seeking ways to elimi-
nate redundancy and streamline processes. our
the marketplace, a greater variety of experimental
technology investments are a case in point. By con-
approaches at the state level, and greater consumer
solidating our health plan operations on a single it
involvement. in the case of the uninsured, this could
coventry health care | page 4
7. “as a company, the ability to fulfill our responsibility to share-
holders rests squarely on our success in helping more people
receive the most effective health care possible.”
We will also add to our momentum in indi-
platform, we are reducing paperwork, accelerating
vidual coverage by targeting new markets beyond
claims processing, and managing the flow of infor-
our health plans. our ability to offer individual
mation so that it reaches the people who need it—
insurance throughout the country is a significant
consumers, providers, and employers—when it is
growth opportunity for coventry and allows us to
most useful. this is one way we deliver value.
deliver affordable health care coverage to many who
We also have a deep understanding of local
need to make that purchase directly for themselves
market dynamics. We know the markets we serve,
and their families. We are also pursuing a range of
and our immediate presence enables us to respond
specialty products that complement our existing
quickly and appropriately, crafting the right provider
offerings including behavioral health, life, and den-
networks and the right product designs for each
tal insurance.
market. this is another way we deliver value.
in our medicare business, we will continue to
Finally, we have great respect for the members
expand our network-based footprint by entering
of our team, for their integrity, ingenuity, and deter-
new markets—nebraska, illinois, utah, and new
mination to provide the best possible service to our
counties in georgia—and introducing new products
customers. the mark of this respect is the business
building on our successful medicare advantage ini-
environment we have created. our employees are
tiatives. We expect to add 100,000 medicare
encouraged to reach across the organization and to do
advantage members and increase enrollment in
whatever is necessary to get the job done. this could
medicare part d significantly.
mean working behind the scenes to coordinate the
this is an ambitious agenda, but it is one that
care of a member in an emergency. it could also mean
we welcome. as a company, the ability to fulfill our
responding nimbly to a marketplace need by intro-
responsibility to shareholders rests squarely on our
ducing new products like our medicare advantage
success in helping more people receive the most
programs and our medicare part d plans. ultimately,
effective health care possible. as our employees have
the value we offer resides in our people, who are
demonstrated this year, we have the drive and the
empowered, but also held accountable for providing
commitment to make it happen.
the highest standards of service, whether they are
working with members, employers, or providers.
Sincerely,
moVing ForWard conFidentlY
although we were pleased with our performance in
2007, we are never satisfied. in our commercial
dale B. Wolf
business, our expansion into oklahoma, South
Chief Executive Officer
carolina, and tennessee in 2007 gives us the ability
to reach new customers. We will follow up in 2008
by entering several additional markets, including
tampa and other logical market opportunities.
2007 Summary annual report | page 5
8. principles of Value
as an organization, our long-term success depends on the ability to translate our commitment to affordable
and accessible health care into real change. We look to four principles to guide us as we strive to provide
exceptional value for members, employers, and providers:
everyone at at every level, we guard
E a s y a n d si m pl E E x pEr i E nc E . Fina ncia l disciplinE.
coventry is uncompromising in their commitment to our financial resources scrupulously, knowing that
ensure that all our customers have an easy, simple, and financial discipline provides the foundation upon
productive experience—whether enrolling as a new which we can deliver products and services with
member, refilling a prescription, or filing a claim. great value.
We pay fanatical underlying the
OpEr at iOna l E xcEl l EncE . EmpOw Er ing En v irOn m En t.
attention to operational excellence, continually performance in each of these areas is our belief that
refining the advanced platforms and processes that taking exceptional people, placing them in an
are essential to what we do: delivering a growing empowering environment, and holding them
range of services in the most efficient, cost-effective accountable for their efforts is the best way to exceed
way possible to an ever larger number of people. expectations in whatever we do.
coventry health care | page 6
9. 1.
E asy and simplE E xpEriEncE
anticipating our customers’ needs
2.
O p E r at i O n a l E x c E l l E n c E
delivering exceptional Value every day
3.
Financial disciplinE
enabling a higher level of Service
4.
an EmpOwErinG EnvirOnmEnt
tapping the drive & integrity of our team
2007 Summary annual report | page 7
10. “I live by myself, and I worry, so it’s a great comfort knowing that if I have a question,
I can just call my care manager, Sue Bohmker, and she’ll track down an answer for me
if she doesn’t already know it. She’s become a true friend. No matter what happens,
talking it over with her makes me feel 100 percent better.”
Betty seidler
Medicare Advantage Member
coventry health care | page 8
11. 1. easy and Simple experience
a n t i c i pat i n G O u r c u s t O m E r s ’ n E E d s
Betty Seidler has always been fiercely inde- reaching out to people on the telephone is
pendent—and the support she receives through one way that coventry makes it easy for our cus-
coventry’s medicare advantra® Freedom plan tomers to get the information and guidance they
ensures that she continues to remain self-sufficient, need. Working together with providers, we created
even in the face of serious illness. the plan, which is directprovider.com, a secure internet site that can
offered through West Virginia’s public employee help them better serve their patients and process
insurance association, pays most of her medical claims more efficiently. they can locate a member’s
bills and her prescription drug costs. “i don’t know id number, track claims, and request adjustments.
what i would do without them,” she says simply. We also continued development of our com-
as important as this financial support is to prehensive wellness program. included are several
her, it is the ease of reaching her complex case man- online wellness tools, including a health risk survey,
ager, Sue Bohmker, for guidance and support that diet and exercise programs, and a special site for
means the most to her. “We talk regularly,” Betty children and teens. and for employers, we continu-
says. “and Sue calls if she doesn’t hear from me. She ously improve our online employer portal to enable
treats me like i’m her only concern.” clients to more carefully administer their plan and
For Sue Bohmker, a registered nurse, helping monitor their expenditures.
people like Betty Seidler is a source of real satisfac- as a leader in the industry, coventry is com-
tion. She admires Betty’s determination to take an mitted to investing in technologies that improve
active role in her care. “She is an inspiration to me,” service, reduce costs, contribute to good health
Sue says. “i get off the phone after talking to her, and well being, and make it easier for us to build
and i feel renewed.” productive relationships with our members, provid-
ers, and employers.
2007 Summary annual report | page 9
12. 2. operational excellence
d E l i v E r i n G E x c E p t i O n a l va l u E E v E r y d ay
george Bahls’ life changed in a flash. the Samantha irvin, a customer communications spe-
Springfield, illinois, businessman was checking on a cialist who took the call from Yvette Bahls.
gas leak in a property he owned in mexico city large corporations also benefit from coventry’s
when a spark set off an explosion. he arrived at the relentless focus on operational excellence. When
local hospital covered in third-degree burns. When general electric selected coventry to provide health
she got the news, his wife Yvette took the next pos- insurance coverage for 6,000 of its employees this
sible flight to mexico. on the way to the airport, year, our team implemented the transition flawlessly.
she had the presence of mind to contact coventry. citing our service teams for their professional, ener-
that call made all the difference in the world. getic, and proactive approach, general electric hon-
While Yvette focused her attention on caring ored our company with the newcomer award at this
for her husband, a coventry team swung into action, year’s national carrier Summit. this is quite an
working across borders to authorize payment to the accomplishment, coming as it does from a company
mexican hospital so george could be released and known for its unmatched quality and excellent service.
arranging for him to be airlifted to a burn center the level of expertise that both ge and the
near the Bahls’ home. george was back in the Bahls enjoyed is our everyday standard at coventry.
united States within 48 hours. after ten weeks in over 90 percent of our members and 87 percent of
the hospital, he is well on the road to recovery and our providers rated coventry customer service satis-
planning his return to work. factory or better. “We have strong relationships with
at coventry, mobilizing our resources at a coventry,” says andrew thompson, director of
moment’s notice is what we do. “in a situation like managed care services of the richmond division of
this, we have to make every second count,” says hca physician Services. “We don’t typically have
an issue, but if we do, one phone call handles it.”
coventry health care | page 10
13. “The people at Coventry took a tremendous burden off my shoulders. Not only did they
keep me informed throughout my husband’s treatment about the arrangements
they were making, but they checked in from time to time to see how I was
doing. They really care.”
yvette Bahls
Coventry Member
2007 Summary annual report | page 11
14. “Coventry helped us design a dual HSA/HRA plan that not only allowed us to continue
offering health insurance, but made it much more affordable for our company and our
employees. Our new coverage has been very well accepted.”
Julie stern
Human Resources Manager, Wm. Nobbe & Company
coventry health care | page 12
15. 3. Financial discipline
EnablinG a hiGhEr lE vEl OF sErvicE
it’s a simple equation. the more efficient we employees. “the company is very pleased to have a
are as a company, the more resources we have to real health insurance benefit to offer,” she says.
invest in better service, innovative programs, and our financial discipline also gives us more
more affordable coverage. at coventry, we relent- latitude in individual coverage. Bill marks, an insur-
lessly focus on the smallest details, knowing that ance broker in South hills, pennsylvania, was in a
thousands of small adjustments will result in big serious car accident in 1992. although he recovered,
savings across our company. a damaged pituitary gland left him a diabetic.
this financial discipline gives us the latitude Bill became an impassioned advocate for
to fine-tune our coverage to meet the needs of diabetics—he’s on the board of the local chapter
employers and individuals. offering health insur- of an advocacy organization—but as a broker he
ance is an important priority for Wm. nobbe & knew that the insurance options for diabetics were
company, a farm-equipment dealership with loca- extremely limited. his only alternative: an expensive
tions in illinois and missouri. this family-owned group policy through a local nonprofit.
business makes a point of treating all 70 employees enter coventry health care. “When i found
like family, but the company’s premiums had that coventry was introducing an individual policy
become increasingly costly. that would cover oral diabetics, i applied right away,”
Julie Stern, the company’s human resources he says. “my experience with the company has been
manager, was charged with investigating other exceptional.” not only was Bill approved within
options. coventry worked with Julie to custom days, but he cut his monthly premium in half, and
design a hSa/hra benefits program that made he didn’t have to switch physicians. “i feel lucky to
financial sense for Wm. nobbe as well as for its have found them,” he says.
2007 Summary annual report | page 13
16. 4. an empowering environment
ta p p i n G t h E d r i v E & i n t E G r i t y O F O u r t E a m
poisoning through the Wic program,” says Beverly
a better customer experience. new standards
allen, who was instrumental in establishing the pro-
of operational excellence. rigorous financial discipline.
gram. “We are proactive in referring children with
these are goals that we pursue each day at coventry.
health risks to the care and services they need, in
But we would not be able to make progress in any of
order to stay healthy.”
these areas if we did not empower our employees to
in West Virginia, coventry employees launched
take ownership, mobilize others, and to act boldly on
an innovative campaign to minimize household
behalf of our members, employers, and providers.
exposure to lead, which is toxic to children, even in
in a disciplined organization, empowerment
small doses. immediately after the holiday season,
leads directly to innovation. For example, a crucial
coventry delivered over 11,000 lead test kits to
challenge for medicaid programs is connecting
medicaid recipients with children under 10 years of
members to preventive health care services. in
age so that they could test toys and surfaces in their
michigan, employees at coventry’s medicaid orga-
home for dangerous lead contamination.
nization took the lead in forging a partnership with
this kind of empowerment shapes even the
detroit-area physicians and the city of detroit
most routine transactions. after he got off the tele-
health department through their Women, infants,
phone with carlavon Williams, a customer service
and children (Wic) nutrition program to address
representative serving members at the university of
this problem.
missouri, business school professor Stephen Ferris
Wic provides health screenings, nutri-
wrote, “Frankly, i am not used to this kind of highly
tional counseling, food vouchers, and community
professional, prompt, and courteous service from a
referrals for pregnant women, new breastfeeding
large organization. i wish i dealt with more customer
mothers, and children under five, who meet income
service reps who were as polite and as effective.”
eligibility guidelines.
professor Ferris’s experience is the norm for
By organizing and staffing Wic clinics in
coventry. We are an empowered organization, 15,000
physicians’ offices, coventry has made it easier for
strong, unified by our common goal of providing
participants in the Wic program to get preventive
exceptional service to our customers.
care. the results are significant. “We have increased
the number of children who are tested for lead
coventry health care | page 14
17. “We knew that hosting clinics for the Women, Infants, and Children nutrition program
in physicians’ offices would make it much more convenient for participants to get
regular preventive care that can do so much to improve their health. So we approached
local physicians with the idea of setting up mobile clinics in their offices.”
Jessica gardon-rose, Director of Quality Improvement ( foreground)
Beverly allen, Detroit Medicaid CEO
2007 Summary annual report | page 15
19. Consolidated Balance Sheets
Coventry Health Care, Inc. and Subsidiaries
(in thousands)
December 31,
2006
2007
ASSETS
Current assets:
Cash and cash equivalents $1,370,836
$ 945,535
Short-term investments 292,392
155,248
Accounts receivable, net of allowance of $3,424 and $1,906
as of December 31, 2007 and 2006, respectively 209,180
263,021
Other receivables, net 164,829
313,350
Other current assets 97,145
169,547
Total current assets 2,134,382
1,846,701
Long-term investments 1,130,572
1,758,454
Property and equipment, net 315,105
321,287
Goodwill 1,620,272
2,573,325
Other intangible assets, net 388,400
590,419
Other long-term assets 76,376
68,605
Total assets $5,665,107
$7,158,791
LIABILITIES AND STOCKHOLDERS’ EQUIT Y
Current liabilities:
Medical liabilities $1,121,151
$1,161,963
Accounts payable and other accrued liabilities 460,489
518,806
Deferred revenue 60,349
69,052
Current portion of long-term debt 10,000
—
Total current liabilities 1,651,989
1,749,821
Long-term debt 750,500
1,662,021
Other long-term liabilities 309,616
445,470
Total liabilities 2,712,105
3,857,312
Stockholders’ equity:
Common stock, $.01 par value; 570,000 authorized
189,894 issued and 154,636 outstanding in 2007
187,630 issued and 159,441 outstanding in 2006 1,876
1,899
Treasury stock, at cost; 35,258 in 2007; 28,189 in 2006 (563,909)
(987,132)
Additional paid-in capital 1,571,101
1,702,989
Accumulated other comprehensive gain/(loss) (3,519)
6,735
Retained earnings 1,947,453
2,576,988
Total stockholders’ equity 2,953,002
3,301,479
Total liabilities and stockholders’ equity $5,665,107
$7,158,791
The financial information presented above should be read in conjunction with the audited consolidated financial statements and accom-
panying notes included in Coventry’s 2007 Annual Report on Form 10-K.
2007 Summary Annual Report | page 17
20. Consolidated Statements of Operations
Coventry Health Care, Inc. and Subsidiaries
(in thousands, except per share data)
Years Ended December 31,
2006 2005
2007
Operating revenues:
Managed care premiums $6,857,301 $5,728,162
$8,689,633
Management services 876,455 883,084
1,189,898
Total operating revenues 7,733,756 6,611,246
9,879,531
Operating expenses:
Medical costs 5,439,964 4,550,871
6,920,531
Cost of sales — —
93,808
Selling, general and administrative 1,339,522 1,182,381
1,789,991
Depreciation and amortization 113,267 86,176
142,569
Total operating expenses 6,892,753 5,819,428
8,946,899
Operating earnings 841,003 791,818
932,632
Interest expense 52,446 58,414
82,217
Other income, net 107,791 66,021
144,455
Earnings before income taxes 896,348 799,425
994,870
Provision for income taxes 336,303 297,786
368,776
Net earnings $ 560,045 $ 501,639
$ 626,094
Net earnings per share:
Basic earnings per share $ 3.53 $ 3.18
$ 4.04
Diluted earnings per share $ 3.47 $ 3.10
$ 3.98
Weighted average common shares outstanding:
Basic 158,601 157,965
154,884
Effect of dilutive options and restricted stock 2,833 3,751
2,473
Diluted 161,434 161,716
157,357
The financial information presented above should be read in conjunction with the audited consolidated financial statements and accom-
panying notes included in Coventry’s 2007 Annual Report on Form 10-K.
Coventry Health Care | page 18
21. Consolidated Statements of Cash Flows
Coventry Health Care, Inc. and Subsidiaries
(in thousands)
Years Ended December 31,
2006 2005
2007
Cash flows from operating activities:
Net earnings $ 560,045 $ 501,639
$ 626,094
Adjustments to reconcile net earnings to cash
provided by operating activities:
Depreciation and amortization 113,267 86,176
142,569
Amortization of stock compensation 55,197 21,992
64,129
Deferred income tax (benefit) provision (14,908) 15,094
(25,017)
Other adjustments 3,011 5,611
6,635
Changes in assets and liabilities, net of effects of
the purchase of subsidiaries:
Accounts receivable 21,164 (101)
2,523
Other receivables (88,367) 18,450
(89,190)
Medical liabilities 368,377 50,531
(98,781)
Accounts payable and other accrued liabilities 64,061 119,020
(20,122)
Other changes in assets and liabilities (15,376) (13,943)
(28,830)
Net cash from operating activities 1,066,471 804,469
580,010
Cash flows from investing activities:
Capital expenditures, net (72,573) (71,393)
(61,307)
Proceeds from sales of investments 1,098,111 553,711
1,022,810
Proceeds from maturities of investments 577,506 447,422
321,561
Purchases of investments (1,420,604) (1,273,557)
(1,633,113)
Payments for acquisitions, net of cash acquired (35,392) (877,249)
(1,192,601)
Net cash from investing activities 147,048 (1,221,066)
(1,542,650)
Cash flows from financing activities:
Proceeds from issuance of stock 23,023 24,162
52,262
Payments for repurchase of stock (269,204) (17,550)
(439,237)
Proceeds from issuance of debt, net — 1,066,495
1,153,280
Excess tax benefit from stock compensation 21,852 —
31,534
Repayment of long-term debt (10,000) (682,500)
(260,500)
Net cash from financing activities (234,329) 390,607
537,339
Net change in cash and cash equivalents 979,190 (25,990)
(425,301)
Cash and cash equivalents at beginning of period 391,646 417,636
1,370,836
Cash and cash equivalents at end of period $ 1,370,836 $ 391,646
$ 945,535
Supplemental disclosure of cash flow information:
Cash paid for interest $ 49,745 $ 36,581
$ 55,596
Income taxes paid, net $ 290,763 $ 221,727
$ 445,284
The financial information presented above should be read in conjunction with the audited consolidated financial statements and accom-
panying notes included in Coventry’s 2007 Annual Report on Form 10-K.
2007 Summary Annual Report | page 19
22. Total Shareholder Returns
The following graph compares the cumulative total shareholder return on the Company’s common
stock for the five years ending December 31, 2007 with the cumulative total return of the Standard & Poor’s
500 Index and a Custom Peer Group Index compiled by Zach’s Investment Research, Inc., assuming an invest-
ment of $100 on December 31, 2002. The following companies are included in the Custom Peer Group Index
(and the returns of each company have been weighted according to its relative stock market capitalization at
the beginning of each period for which a return is indicated): Aetna Inc., CIGNA Corporation, Health Net,
Inc., Humana Inc., UnitedHealth Group Incorporated, and WellPoint Health Networks, Inc.
Comparison of 5-Year Cumulative Total Return
Assumes Initial Investment of $100
December 2002–December 2007
500
450
400
350
300
250
200
150
100
50
0
2002 2003 2004 2005 2006 2007
Coventry Health Care, Inc. S&P 500 Index Peer Group Only
Dec. 02 Dec. 03 Dec. 04 Dec. 05 Dec. 06 Dec. 07
Coventry Health Care $100.00 $222.17 $274.25 $441.56 $387.97 $459.36
S&P 500 Index $100.00 $128.68 $142.67 $149.65 $173.28 $182.81
Peer Group $100.00 $141.27 $213.51 $309.34 $290.47 $333.72
Note: The stock price performance shown on the graph above is not necessarily indicative of future price performance.
Coventry Health Care | page 20
23. Directors & e xecutive oFFicers
CoR PoR ATe He ADquA RTeRS
BoA R D of DIR eCToRS ex eCuTIV e offICeRS
Coventry Health Care, Inc.
Allen f. Wise Dale B. Wolf
6705 Rockledge Drive, Suite 900
Chairman, Coventry Health Care Chief executive officer and Director
Bethesda, MD 20817
elizabeth e. Tallett Thomas P. McDonough (301) 581-0600
Lead Director, Coventry Health Care President
Principal foR M 10-K
Shawn M. Guertin
Hunter Partners, LLC Coventry Health Care has filed an Annual
executive Vice President,
Report on form 10-K for the year ended
Dale B. Wolf Chief financial officer and Treasurer
December 31, 2007 with the Securities and
Chief executive officer
exchange Commission. Section 302 Ceo/Cfo
francis S. Soistman, Jr.
Coventry Health Care
certifications and Section 906 Ceo/Cfo certifi-
executive Vice President
cations have been filed as exhibits to form 10-K.
Joel Ackerman
Vishu Jhaveri, M.D. Shareholders may obtain a copy of this report,
Managing Director
executive Vice President including the Ceo/Cfo certifications, by writing:
Warburg Pincus LLC
Investor Relations Department
Thomas C. Zielinski
John H. Austin, M.D. Coventry Health Care
executive Vice President and
Chairman and Chief executive officer 6705 Rockledge Drive, Suite 900
General Counsel
Arcadian Management Services Bethesda, MD 20817
Harry “Skip” Creasey
L. Dale Crandall The report and certifications are also available on
Senior Vice President Coventry’s Web Site at http://www.cvty.com
President
Piedmont Corporate Advisors, Inc.
Patrisha L. Davis
CoMMoN SToCK
Senior Vice President and
emerson D. farley, Jr., M.D.
Coventry Health Care common stock is traded
Chief Human Resources officer
Physician
on the New York Stock exchange under the
David A. finkel symbol “CVH”.
Lawrence N. Kugelman
Senior Vice President
Private Investor and Business Consultant
DIV IDeND PoLICY
Maria fitzpatrick
Daniel N. Mendelson
Coventry Health Care has not paid any cash
Senior Vice President
President and founder
dividends on its common stock. The Company’s
Avalere Health
James e. McGarry ability to pay dividends is restricted as discussed in
Senior Vice President the Liquidity and Capital Resources section of
Rodman W. Moorhead, III
Management’s Discussion and Analysis of
Private Investor
John J. Ruhlmann financial Condition and Results of operations.
former Senior Advisor and
Senior Vice President and
Managing Director (Retired)
Corporate Controller
Warburg Pincus LLC DISCL A IMeR
This annual report contains forward-looking
Timothy T. Weglicki NoTICe of A NNuA L MeeTING
information. These forward-looking statements are
Managing Member The annual meeting of shareholders will made pursuant to the safe harbor provisions of the
ABS Partners V, LLC be held on May 15, 2008, at 8:30 a.m., Private Securities Litigation Reform Act of 1995.
eastern Daylight Saving Time, at The forward-looking statements are defined as state-
fairmont Hotel, 2401 M Street, N.W., ments that are not historical facts and include
Washington, DC 20037, Telephone those statements relating to future events or future
(202) 429-2400. financial performance. Actual performance may
be significantly impacted by certain risks and
TR A NSfeR AGeNT uncertainties, including those described in
Coventry’s Annual Report on form 10-K for
Mellon Investor Services, LLC
the year ended December 31, 2007. Coventry
480 Washington Blvd., 27th floor
undertakes no obligation to update or revise any
Jersey City, NJ 07310
forward-looking statements.
(800) 756-3353
www.melloninvestor.com
CoR PoR ATe CouNSeL
Bass, Berry and Sims, PLC
Nashville, TN
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