MagnaCare Taps Tom Considine as COO [Health & Beauty Close – Up]

MagnaCare, a health plan management company, announced the appointment of Tom Considine, former commissioner of the New Jersey Department of Banking and Insurance (DOBI), as Chief Operating Officer.

In a release, the Company said that Considine will draw upon his exemplary track record and wide-ranging experience in the public and private sectors to implement key business strategies and advance MagnaCare as the leader in delivering self-insurance solutions to employers.

"MagnaCare is an organization that understands the inherent societal contract that comes with the health benefits world, a commitment that translates into responsibility, innovation and leadership," says Considine. "While many companies in this industry focus exclusively on dollars and cents, MagnaCare also keeps its eye on the importance of delivering quality healthcare solutions to its members -- while staying true to its regulatory compliance obligations. MagnaCare doesn't simply play in the self-insurance space, but rather specializes in that market in a way where the Company truly partners with brokers and group customers to develop novel products to control and even reduce their members' healthcare costs."

As Commissioner, MagnaCare said that Considine brought a seismic cultural change to the DOBI that promoted growth, without sacrificing consumer protections. Additionally, he brought private sector metrics and performance management to state government. Their effectiveness resulted in the repeal or scale-back of 21 burdensome regulations, as well as the reduction of new product review and approval time by up to 58 percent. In terms of Considine's positive impact on the insurance industry, 60 new insurers came into New Jersey, and 64 others expanded their business authority, during his tenure.

Considine proposed the significant initiative to substantially reform New Jersey's Personal Injury Protection (PIP) regulation, removing inefficiencies and abuse in order to stem the upward pressure on auto insurance rates. Currently pending, this regulation is expected to become final later this spring. While no supporter of the Patient Protection and Affordable Care Act, Considine was integral in laying the foundation to ensure options for Gov. Chris Christie so that if the law is effective on January 1, 2014, New Jersey will be prepared in a free market way that is best for New Jerseyans.

Additionally, during Considine's tenure, the legislature passed DOBI-initiated bills that established an interstate insurance compact, reforming New Jersey's reinsurance and surplus lines laws, establishing New Jersey's captive insurance market, and establishing the Bureau of Fraud Deterrence at the DOBI, which made the fight against civil insurance fraud a key component of the DOBI's portfolio.

Prior to his appointment, Considine worked at MetLife, Inc., a global financial services company, beginning in 1993, where he served most recently as vice president and government relations counsel.

"Tom has played a critical role in creating jobs, fostering growth and making New Jersey a better place that is more conducive to doing business," says Joseph Berardo Jr., CEO and president of MagnaCare. "We welcome his expertise and experience helping our clients to control health plan costs and thrive under healthcare reform."

MagnaCare, a health plan management company, is proactively reducing the cost of healthcare by offering self-insured options to employers with as few as 15 employees in New Jersey and 50 in New York.

((Comments on this story may be sent to [email protected]))