Thomas Considine, former state Department of Banking and Insurance commissioner, reported for his first official day in his new position as chief operating officer of health plan services provider MagnaCare today, and said he’ll be contributing to various areas in his new role.
“Wherever I can add strategic and operational value is where I’ll put in my time and effort,” Considine said. “Sometimes that’ll be in managing and running significant parts of the company on a day-to-day basis, other times that’ll be in significant growth opportunities outside the company, and other times that’ll be strategic public policy initiatives.”
Considine will share some duties and responsibilities with MagnaCare CEO and president Joseph Berardo Jr., Considine said.
MagnaCare focuses on the self-insured markets, often working on issues associated with health care reform, helping providers build infrastructure around accountable-care organizations, multiemployer welfare associations and captive insurance vehicles, among other aspects of the health care industry.
Considine said he’s been drawn, in part, to the self-insurance market because of the challenges of spiraling health care costs and increased burdens of regulations.
MagnaCare’s Tinton Falls office will be Considine’s home base. He also will work at its New York headquarters and its offices in New Brunswick and on Long Island, N.Y.
In January, Considine said he would leave his post with the state regulator in early February to return to the private sector. In 2010, Considine, a lawyer, left his job as vice president and government relations counsel at insurer MetLife Inc. to become the state’s top banking and insurance regulator.