Leonard Abramson Explained

Leonard Abramson
Education:Philadelphia College of Pharmacy and Science
Occupation:businessman
philanthropist
Known For:founder and CEO of US Healthcare
Spouse:Madlyn Abramson
Children:Marcy Abramson Shoemaker, Nancy Abramson Wolfson, and Judith Abramson Felgoise

Leonard Abramson (born in 1932, Pennsylvania) is a philanthropist[1] [2] and the founder and former CEO of U.S. Healthcare.[3] [4]

Early life and career

Born in Pennsylvania,[5] and raised in the Strawberry Mansion neighborhood of Philadelphia.[6] Abramson attended the Philadelphia College of Pharmacy and Science, driving a taxi for cash to cover his expenses.[7] [8] After graduating, he worked as a salesman for pharmaceutical company Parke-Davis. He then worked as a retail pharmacist for six years and then took a job with R.H. Medical Inc., a small hospital-management company then headquartered in Cheltenham, Pennsylvania, where he served as vice president for corporate development.[9] Relying upon federal funding available through the HMO act of 1973, and the employer's obligation to offer HMO to employees,[10] he left R.H. Medical and with the aid of $3 million in federal loans, he founded a non-profit HMO, HMO of Pennsylvania. In 1981, he abandoned the company's nonprofit status and in 1983, he took the parent company, renamed U.S. Healthcare Inc., public.

Abramson headed U.S. Healthcare from 1975 until 1996, when he sold it to Aetna for $8.3 billion. He then served on Aetna's board of directors from 1996 to 2000.[11] In 1990, Abramson published a book, Healing Our Health Care System, attacking what he perceived to be the problems of the American health care system,[12] which he called "nothing less than a national disgrace."

Personal life

Abramson married Madlyn Abramson in August 1957;[13] [14] they have three children. The Madlyn and Leonard Abramson Center for Jewish Life in North Wales, Pennsylvania, is named in honor of the couple.[15] In the late 1990s, Abramson sued Inside Edition for invading his privacy when the news show covertly videotaped him and his family at their Jupiter, Florida, home, as part of an exposé on the lifestyles of wealthy HMO executives.

During August 2022, Abramson sold his 7,509-square-foot home at the waterfront of Jupiter's Admirals Cover for a reported $7 million.[16]

Philanthropic activities

Madlyn Abramson was a cancer survivor, and the gave donation summing up to $140 million to build the Abramson Cancer Research Institute at the University of Pennsylvania Cancer Center.[17] Additional contributions were given to fund the Leonard and Madlyn Abramson Pediatric Research Center in the Children’s Hospital of Philadelphia,[18] professorships and chairs in the University of Pennsylvania and in Johns Hopkins' medical schools,[19] [20] and to the Foundation for Defense of Democracies.[21]

Notes and References

  1. Web site: 1996: A health care merger like few others. George. John. Aug 5, 2002. bizjournals.com. 2020-05-11.
  2. News: Leonard and Madlyn Abramson Professorship in Neurodegenerative Diseases. Johns Hopkin's announcement.
  3. News: Galewitz. Phil. U.S. Healthcare Founder Quits Aetna. Associated Press. June 8, 2000.
  4. Web site: Leonard Abramson - Leadership - Harvard Business School. hbs.edu. 2020-05-11.
  5. News: Eric J. . Greenberg . Girding For Campus Battles in the Fall . . May 31, 2002 . Footing the $300,000 tab were a group of five noted Jewish philanthropists including World Jewish Congress chairman Edgar Bronfman, Tulsa philanthropist Lynn Schusterman, Hillel board member Michael Steinhardt, Estee Lauder cosmetics heir Ron Lauder and Leonard Abramson. . March 29, 2015 . March 5, 2016 . https://web.archive.org/web/20160305012200/http://www.thejewishweek.com/features/girding_campus_battles_fall . dead .
  6. http://articles.philly.com/1996-04-02/news/25661124_1_leonard-abramson-proxy-forbes Philadelphia Inquirer: "$1 Billion Man He's Collecting Huge Fares" by Gloria Campisi
  7. Web site: http://www.kevo.com/profile/leonardabramson . www.kevo.com . January 30, 2010 . March 3, 2016 . https://web.archive.org/web/20160303182857/http://www.kevo.com/profile/leonardabramson . dead .
  8. Book: Anders, George. Health Against Wealth: HMOs and the Breakdown of Medical Trust. 1996. Houghton Mifflin Harcourt. 978-0-395-82282-1. en.
  9. http://articles.philly.com/1996-04-02/news/25661373_1_leonard-abramson-hospitals-health-care Philadelphia Inquirer: "U.S. Healthcare's Abramson: Dedicated, Perhaps Ruthless" By Gilbert M. Gaul
  10. Book: Smith, David Barton. The Forensic Case Files: Diagnosing and Treating the Pathologies of the American Health System. 2010. World Scientific. 978-981-283-838-4. en.
  11. http://articles.philly.com/2000-06-08/business/25603123_1_leonard-abramson-aetna-current-business-schedule Philadelphia Inquirer: "Abramson Quits Aetna Inc. Board He Sold U.s. Healthcare To The Insurer In 1996. His Departure Was Seen As Part OF A Housecleaning" By Karl Stark
  12. http://articles.philly.com/1991-05-14/business/25796850_1_leonard-abramson-fifth-dividend-health-care-system Philadelphia Inquirer: "u.s. Healthcare Has Found A Prescription For Profits" By Gilbert M. Gaul
  13. News: Cook . Bonnie L. . Madlyn K. Abramson, whose philanthropy helped cancer patients, seniors, and educational institutions, dies at 84 . . 16 April 2020.
  14. Web site: Emeritus Penn Trustee and philanthropist Madlyn Abramson dies at 84. Meisenzahl. Elizabeth. thedp.com. en-us. 2020-05-11.
  15. http://articles.philly.com/1997-12-12/news/25557184_1_breast-cancer-patient-cancer-research Philadelphia Inquirer: "Family's $100 Million Gift To Penn Has Personal Roots" By Huntly Collins
  16. Web site: Former insurance titan sells waterfront Admirals Cove home in Jupiter. therealdeal.com. 24 August 2022.
  17. Web site: Madlyn Abramson: Penn Alumna, Trustee, Benefactor – Abramson Cancer Center. Penn Medicine - Abramson Cancer Center. en-US. 2020-05-11.
  18. Web site: Leonard and Madlyn Abramson Pediatric Research Center CHOP Research Institute. research.chop.edu. 2020-05-11.
  19. Web site: Abramson Professorship of Clinical Oncology Endowed Professorships Perelman School of Medicine at the University of Pennsylvania. med.upenn.edu. 2020-05-11.
  20. Web site: Leonard and Madlyn Abramson Professorship in Neurodegenerative Diseases. Donor. Office of. Baltimore. Volunteer Engagement 3400 North Charles Street. Named Deanships, Directorships, and Professorships. en-US. 2020-05-11. Development. MD 21218 410-516-8490. Relations. Alumni. July 13, 2016 .
  21. News: Judis. John B.. 2015-08-18. The Little Think Tank That Could. en-US. Slate. 2020-05-11. 1091-2339.

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