Aetna

Aetna was founded by Eliphalet Adams Bulkeley in 1853 in Hartford, Connecticut. Its original name was Aetna Insurance Company, specializing in life insurance. Throughout its history, Aetna has expanded its offerings, becoming one of the largest managed health care companies in the United States. The company's early focus on life and health insurance positioned it for growth in the rapidly industrializing American economy of the 19th century.

In 1960, Aetna created the first Health Maintenance Organization (HMO) to provide more affordable healthcare options for its customers. This development was part of a broader strategy to manage healthcare costs through preventative care and efficient management of health services. The HMO model became a pivotal element in Aetna’s business strategy, influencing the way health care services are provided in the United States.

On July 19, 1996, Aetna completed its merger with U.S. Healthcare Inc., forming one of the largest healthcare companies in the United States. This strategic move allowed Aetna to expand its offerings beyond traditional health insurance into managed care, improving patient outcomes and controlling costs. The merger was a significant milestone that helped Aetna transition into a leading provider of healthcare services.

In December 2000, Aetna sold its financial services and international businesses to ING Group for $7.7 billion. This divestiture was part of a strategic shift to focus more on healthcare and insurance services in the United States. By selling these businesses, Aetna aimed to streamline its operations and concentrate on its core competencies, particularly in the realm of health insurance.

On March 14, 2003, Aetna announced that it would offer Medicare Advantage plans, entering the Medicare market for the first time. This decision was driven by the aging U.S. population and the increasing demand for Medicare-related services. Aetna's entry into this market was seen as a strategic move to capitalize on the expanding opportunities in senior health services.

On August 19, 2012, Aetna announced the acquisition of Coventry Health Care for $5.7 billion. The purchase was aimed at enhancing Aetna's Medicaid business and expanding its reach in the government healthcare sector. Coventry Health Care provided a robust presence in the Medicare and Medicaid markets, strengthening Aetna's position as a leading player in managed healthcare.

On December 3, 2017, CVS Health announced plans to acquire Aetna for approximately $69 billion. The acquisition was one of the largest of its kind, aimed at transforming the healthcare landscape by integrating CVS's pharmaceutical services with Aetna's health insurance expertise. This merger was expected to create significant synergies and offer improved care coordination and cost benefits to consumers.

On November 28, 2018, the United States Department of Justice approved the merger of CVS Health and Aetna, following a long review process. This approval was contingent upon Aetna selling its Medicare Part D prescription drug plan business to avoid anti-competitive issues. The completion of this merger marked the beginning of a new era for integrated healthcare services in the U.S.

On August 1, 2019, CVS and Aetna began the integration of their operations, following the completion of their merger. This integration involved combining CVS's retail pharmacy expertise with Aetna's health insurance capabilities to create a new healthcare model focused on consumer engagement and service delivery. The integrated company aimed to provide improved access and efficiencies in healthcare provision.

On March 1, 2022, Aetna launched a new virtual primary care service as part of its efforts to expand telehealth services. This initiative was driven by the increased demand for online health consultations due to the COVID-19 pandemic. Aetna's virtual primary care aimed to provide patients with greater access to healthcare services from the convenience of their own homes, improving overall patient engagement and satisfaction.