Aetna extends contract with University of Pennsylvania Health System

Aetna (NYSE: ΑET) announced today that it has signed a five-year contract extension with the University of Pennsylvania Health System (UPHS), assuring continued in-network access for its members in the Philadelphia area.

“Penn has been an integral part of Aetna's network of contracted hospitals and physicians in the Philadelphia area for several years, and we're pleased that our members will be able to continue accessing care from their hospitals and doctors.”

Under this new agreement, which took effect July 15, Aetna members will be able to continue receiving covered services, at in-network rates, from The Hospital of the University of Pennsylvania, Presbyterian Medical Center and Pennsylvania Hospital. The agreement also covers 1,500 primary care and specialist physicians in Pennsylvania and southern New Jersey.

"Aetna is very happy to announce that our relationship with the University of Pennsylvania system has been extended an additional five years," said Robert Kleman, Aetna's vice president of network management for Southeast Pennsylvania. "Penn has been an integral part of Aetna's network of contracted hospitals and physicians in the Philadelphia area for several years, and we're pleased that our members will be able to continue accessing care from their hospitals and doctors."

"We are pleased to be able to continue to care for Aetna subscribers at Penn Medicine. This contract will enable Aetna members to have access to the most advanced medical care in the region," said Roy Schwartz, associate vice president, Managed Care and Payor Relations, for UPHS.

Aetna provides health benefits to more than 1 million people in Pennsylvania. In Southeast Pennsylvania, members have access to a network that includes 67 contracted hospitals and more than 18,000 primary care physicians and specialists.

Penn Medicine is one of the world's leading academic medical centers, dedicated to the related missions of medical education, biomedical research, and excellence in patient care. Penn Medicine consists of the University of Pennsylvania School of Medicine (founded in 1765 as the nation's first medical school) and the University of Pennsylvania Health System, which together form a $3.6 billion enterprise.