The Cigna Group reports company news across its global health business, including Cigna Healthcare, Evernorth Health Services, pharmacy benefit services, specialty pharmacy, specialty distribution and care services. Updates commonly cover quarterly results, financial outlook, pharmacy and health-benefit operations, prior authorization initiatives, credit ratings, dividends and investor conference activity.
Company announcements also address governance and board matters, leadership succession planning, enterprise risk management, foundation and community health programs, and changes tied to its health services portfolio. Its business model combines health insurance and benefits with pharmacy claims administration, formulary management, retail pharmacy network administration, home delivery pharmacy and clinical programs for clients and customers.
Cigna and Oscar Health have announced a partnership to provide affordable health insurance products to small businesses in Kansas City and St. Louis, pending regulatory approval. Covered employees will enjoy $0 copays, 24/7 virtual doctor visits, and low-cost prescription coverage. A recent survey revealed that 88% of small business owners prioritize employee health, with 66% considering insurance more crucial than before the pandemic. The partnership aims to support small businesses amidst ongoing COVID-19 challenges by offering tailored health plans and dedicated care teams.
Oscar Health (NYSE: OSCR) has partnered with Cigna to launch affordable health insurance products specifically for small businesses in Chicago and surrounding counties. Starting with plans that offer $0 copay for virtual doctor visits and low-cost prescription coverage, this initiative aims to support small businesses struggling post-pandemic. The partnership will allow businesses to choose from various plan options while ensuring access to quality healthcare providers. Both companies will share risk under a reinsurance agreement, with plans for future expansion.
Tenet Healthcare Corporation (NYSE: THC) and Cigna Corporation (NYSE: CI) announced a new multi-year contract, ensuring Cigna customers have continued in-network access to Tenet’s healthcare facilities through 2025. This agreement, finalized four months ahead of the previous contract's expiration, emphasizes the importance of uninterrupted access to quality care amidst the ongoing pandemic. The collaboration will also expand access to lower-cost ambulatory surgery centers.
The contract takes effect on January 1, 2022.
Cigna (NYSE: CI) and Hartford HealthCare have announced a multi-year agreement to ensure continued access for Cigna customers to Hartford HealthCare's facilities and providers, effective November 1, 2021. This partnership promotes quality care at predictable rates, having been finalized two months ahead of the existing contract's expiration. Both organizations emphasize a shared commitment to affordable healthcare, benefiting patients across Connecticut without disruption to services.
Cigna (NYSE: CI) is expanding its health coverage offerings through the Affordable Care Act marketplace, targeting new customers in Georgia, Mississippi, and Pennsylvania, alongside additional counties in Arizona, Florida, and Virginia. This initiative, pending regulatory approvals, aims to reach approximately 1.5 million new customers across 313 counties in 13 states. Key benefits include virtual wellness screenings, condition-specific coverage, affordable medications, and holistic services. The Open Enrollment Period starts on Nov. 1, 2021, allowing individuals and families to enroll in plans effective Jan. 1, 2022.
Cigna Corporation (NYSE: CI) will present at the Morgan Stanley 19th Annual Global Healthcare Conference on September 14, 2021. The presentation, led by CEO David Cordani, is set to start around 10:15 a.m. ET and can be accessed via a live webcast on Cigna's investor relations page. This event highlights Cigna's commitment to engaging with investors and enhancing transparency in its operations. The company continues to provide integrated health services globally, maintaining over 190 million customer relationships.
Cigna Corporation (NYSE: CI) has announced a $2.0 billion accelerated stock repurchase (ASR) program with Morgan Stanley and JPMorgan Chase, part of its ongoing share buyback strategy. As of August 4, 2021, Cigna had a remaining buyback authority of $3.8 billion. This repurchase reflects the management's confidence in the company's financial strength and growth strategy. By the end of 2021, Cigna aims to return over $7 billion to shareholders through buybacks and increased dividends. The final settlement of the ASR is expected in Q4 2021.
Cigna Corporation announced new vaccination requirements for its U.S. workforce amid rising COVID-19 cases. Starting September 7, remote employees must be fully vaccinated to enter U.S. worksites. Employees requiring onsite presence must also be fully vaccinated or provide two negative tests weekly from October 18. The policy aims to safeguard employees, clients, and communities. Over 90% of employees have been enabled to work from home, and Cigna has provided incentives like a $200 reward for vaccination. The company has been proactive throughout the pandemic, ensuring safety protocols are in place.
Fresenius Medical Care North America (FMCNA) and Cigna (NYSE: CI) announced an expansion of their collaboration aimed at improving health outcomes and reducing the costs associated with end-stage renal disease (ESRD) care. This agreement extends their program through 2023, building on a partnership initiated in 2017 that has successfully lowered medical costs and hospitalizations for Cigna customers. The program operates under Cigna Collaborative Care, employing a value-based care model that incentivizes healthcare providers to enhance patient care and reduce total costs.
Cigna International has launched the Cigna StressWaves Test, an innovative, online tool that evaluates stress levels using advanced AI technology from Ellipsis Health. This is the first model to analyze both acoustic and semantic voice patterns, providing results within 90 seconds. The test is free, HIPAA and GDPR compliant, and designed for accessibility across devices. With rising mental health concerns globally, this tool aims to help individuals assess their stress early and seek appropriate support. Notably, 83% of people report feeling stressed, highlighting the need for such initiatives.