Deals and IPOs

Athena CEO: 'This is what happens when industries die'

Trying to create a health care Internet: Athenahealth CEO

Athena Health CEO, Jonathan Bush, said on Monday that more talks of M&A in the health-care field are just a reflection of a slowing innovation in the industry. (Tweet this)

"These [mergers] are what happen when industries essentially die," Bush said in an interview on CNBC's "Power Lunch." "Hopefully what will happen is there will be disruptive innovation and the role of the traditional health insurance company will be obsolete."

Read MoreAnthem bids anew for Cigna

Over the weekend, more signs of the industry's consolidation emerged when Anthem renewed its bid for Cigna and Aetna made a takeover proposal for Humana.

Bush, who is cousin to George W. Bush and Jeb Bush, said that consolidation ensues when the ability to "innovate" has become too small. "So these guys are looking for savings, and some pricing power, and it's what happens anywhere when innovation slows down. Obviously in health care, innovation is borderline illegal with the federal government defining exactly what is and isn't health care," he added.

Athena Health represents about 65,000 doctors and offers them services such as medical billing and record keeping. Shares of the company are down about 19 percent year-to-date.