Archive | May 2010

MSNJ weighs in on Horizon executive compensation

You may have read the May 19th article written by Michael Diamond in the Asbury Park Press entitled: “Blue Cross boss took home $8.7 million salary as premiums rose in ’09”

Immediately after reading this article the Medical Society of New Jersey’s CEO Michael T. Kornett penned an op-ed which was published in yesterday’s APP entitled “Horizon bloated and out of touch”

Bob Ingle, co-author of the book The Soprano State and Senior Political columnist for Gannett also took note of the articles and quoted Mr. Kornett in yesterday’s blog posting:

“It is outrageous that while New Jerseyans struggle daily to make ends meet, the top executive at Horizon Blue Cross is rewarding himself with multi-million dollar bonuses.  This compensation package comes at the same time the company is raising premiums, denying coverage and cutting payment to physicians.”

The APP also notes that Senate President Steve Sweeney has also called for legislative hearings to look into the compensation packages of executives for Horizon Blue Cross Blue Shield of New Jersey.

The Medical Society of New Jersey has been kept a watchful eye on Horizon Blue Cross and their attempted conversion to a for-profit company over the past two years.  Inflated executive compensation and corporate greed should not be tolerated and MSNJ will continue to advocate on behalf of the physicians and patients of New Jersey.