NEW YORK, March 6, 2006 (PRIMEZONE) -- Aveta Inc., one of the largest companies focusing on Medicare Advantage and a leader in addressing the healthcare needs of the chronically ill, has announced the appointments of Daniel Freier and Randall Herman as Senior Vice Presidents Actuary. The appointments of the two managed care industry veterans further strengthens Aveta's analytic actuarial capabilities, a cornerstone of Aveta's community medical management approach.
Mr. Freier and Mr. Herman, who had previously served as consultants to Aveta, will oversee Aveta's analytic actuarial initiatives.
"Analytics are key to allowing Aveta to deliver the best and most effective healthcare services in the communities we serve within a financially successful business model," said Mr. Tim O'Donnell, Chief Executive Officer of Aveta. "Dan Freier and Randy Herman are highly respected experts who understand the actuarial needs of managed care. We have worked closely with them in the past on a consulting basis and are now delighted to have them on the Aveta management team."
Mr. Freier and Mr. Herman are co-founders and principals of Pine Grove Advisors, which advises healthcare and health insurance organizations on financial, product development and actuarial matters. They are also co-founders and principals of Pine Grove Management, which invests in and manages health care related businesses, including Patient Choice Healthcare, Inc., a tiered network company. They will continue to operate these businesses while serving Aveta.
Both Mr. Freier and Mr. Herman are Fellows of the Society of Actuaries and Members of the American Academy of Actuaries. They co-founded Reden & Anders, a leading managed care actuarial consulting firm, and co-founded Certitude, a healthcare data and technology firm, both of which were later acquired by UnitedHealth Group. They are also founders and directors of Evergreen Re, one of the nation's largest managed care brokerages and pharmacy consultants, and Deft Research, a syndicated market research firm.
About Aveta Inc.
Aveta is one of the largest companies focusing on Medicare Advantage and a leader in addressing the unique healthcare needs of the chronically ill. Caring for over 130,000 Medicare beneficiaries, Aveta is the 5th largest for-profit Medicare Advantage enterprise, and operates more Chronic Special Needs Plans ("SNPs") than any other company. Aveta has a successful track record of managing care for seniors achieved through its core competency of community medical management. Aveta is headquartered in Fort Lee, New Jersey and currently has operating subsidiaries in Southern California, Puerto Rico, and Illinois.