Louisville, Kentucky-based insurer Humana has hired veteran physician-executive William Shrank as its new chief medical officer. He will start in the position on April 1.
Shrank, who is currently serving as the chief medical officer of the insurance services division at UPMC, will take over from the retiring Roy Beveridge. In order to ensure a smooth transition Beveridge will remain for a few months to assist Shrank in his new role.
At UPMC Shrank was oversaw roughly $9 billion in annual health care expenditures for approximately 3.5 million Medicare, Medicaid and commercial patients. He also developed population health programs for the integrated health system a major focus for Humana going forward.
Prior to his role at UPMC, Shrank served an executive at CVS Health with a portfolio that included provider partnerships. He has also been in public service as the Director of Evaluation for the Center for Medicare and Medicaid Innovation where he helped test and measure the effectiveness of payment and health-system delivery reform programs.
“We’re excited to have Dr. Shrank join our team as he brings a wide range of healthcare experiences to Humana, all of which are complementary to our strategy,” Humana CEO and President Bruce Broussard said in a statement.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
“Dr. Shrank’s background as a practicing physician, along with his experience in integrated health systems, retail, government and academia makes him the ideal addition to our team. His expertise in value-based reimbursement and clinical outcomes for chronic conditions is especially important as we advance our integrated care strategy.”
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