MedUnite Earns Health Net Spot on Forbes’ ‘Magnetic 40’
Due to its partnership with seven competitors, including Aetna and Cigna, to form an online claims processing system, Health Net is one of Forbes' "Magnetic 40," companies the magazine says are "skilled at managing relationships" with other firms. In a May 21 special issue -- called Best of the Web -- Forbes selected Health Net as its top pick in the health care field because of the expected summer launch of MedUnite, a $50 million Web-based system that standardizes claims forms. Designed as a "better way" to handle claims transaction, the joint venture could cut insurers' administrative costs in half. The alliance is "no small accomplishment," Forbes says, quoting Lehman Brothers analyst Joshua Reskin: "Managed care has been historically pathetic in terms of technological alliances and working with others." HealthSouth received the magazine's "runner up" award in the health category for its project with Oracle to build a $125 million "digital, automated hospital" (Ebeling, Forbes, 5/21).