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Payer Roundup—Harvard Pilgrim reports 7% revenue increase in 2018

March 06, 2019 / Jacqueline Renfrow

Harvard Pilgrim HealthCare reported a net income of more than $80 million in 2018 and an increase in revenue of 7%. The results were surprising after a net loss of $8.7 million in 2017. Harvard Pilgrim Chief Financial Officer Charley Goheen attributed the success to strong regional performances and higher-than-expected revenue by subsidiaries Health Plans Inc., TrestleTree and MedWatch. In 2015, Cigna CEO David Cordani publicly backed the merger with rival health insurer Anthem. However, Cordani now regrets supporting the deal, which reduced his role in the company, lawyers for Anthem said in court this week. While investors walked away with a 30% premium for their stock in Anthem’s buyout, Cordani lost his role to then-Anthem CEO Joseph Swedish.  Cordani later expressed in emails “remorse about making the decision,” lawyers said. A federal judge blocked the deal, ruling it anticompetitive, in 2017. Cigna and Anthem are still battling over which company owes the other for billions of dollars in damages from the collapse of the deal.