Wednesday, October 11, 2006

William McGuire, the CEO of the biggest health insurer in the United States, has pocketed $297.1 million in compensation over the last five years.

William McGuire, the CEO of the biggest health insurer in the United States, has pocketed $297.1 million in compensation over the last five years. His admirers say he's worth every penny. Revenues at his UnitedHealth, they note, soared 22 percent just last year alone. The secrets to UnitedHealth's success? The Wall Street Journal last month revealed one: kickbacks. The company routinely pays off the health care consultants big employers hire to help them choose health insurers. The Columbus school district paid one Ohio consultant $35,000 a year for such help. The consultant promptly advised the district to switch to UnitedHealth, a move that ended up costing Columbus schools an extra $776,000 in annual fees. The same consultant, unbeknownst to school officials, was collecting $517,138 from UnitedHealth .. . .

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