Joseph R. Swedish

Joseph Swedish starts private equity firm

Joseph Swedish and other health insurance executives walk into the White House.
Joseph Swedish (center) used to be CEO of health insurer Anthem. Photo: Brendan Smialowski/AFP via Getty Images

Joseph Swedish has started his own private equity firm, called Concord Health Partners, since stepping down as CEO of health insurance company Anthem in 2017, Swedish told me at the J.P. Morgan Healthcare Conference in San Francisco.

Why it matters: Swedish is a high-profile health care executive who has amassed a fortune that will now partially go into various companies. Swedish said he still advises Anthem on the side, but he's now focused on his private equity investments in areas like technology and other health care services.

Anthem assumes ACA cost-sharing payments will be funded

Jacquelyn Martin / AP

Anthem CEO Joseph Swedish told investors Wednesday during the health insurer's first-quarter earnings call that the insurer will stay in the Affordable Care Act marketplaces for now, and that he expects Congress will fund the law's cost-sharing subsidies for low-income people. But Anthem, which has 1.6 million members with ACA-compliant health plans, also put Congress on the clock.

Quote"We plan to file preliminary 2018 rates with the assumption that the cost-sharing reduction subsidies will be funded." — Anthem CEO Joseph Swedish.

The deadline: Early June. If Anthem doesn't find out about the cost-sharing subsidies by then, Swedish said Anthem will consider hiking premiums, reducing benefits or exiting some markets. Have fun, Congress.

Reminder the ACA is just a small slice of Anthem: The insurer posted a $1 billion profit in the first quarter on $22.3 billion of revenue and had 40.6 million health plan members — beating Wall Street's expectations. More than half of Anthem's revenue comes from Medicare and Medicaid.