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Submitted by DCblogger on Thu, 10/30/2008 - 11:18pm
US health insurers, already feeling unwell at the prospect of a Barack Obama presidency, had their condition further downgraded this past week as the financial crisis hit earnings. While the patient has suffered a bit of a shock, the prognosis is better than the average 61 per cent drop over the past year in the shares of six leading managed-care companies would suggest. Read below the fold...
Submitted by DCblogger on Thu, 07/24/2008 - 9:12am
UnitedHealth income off 73%
On July 2, the company said it would pay $895 million to settle a class-action lawsuit led by the California Public Employees Retirement System. It also said it was cutting 4,000 jobs nationally, or just under 6 percent of its workforce, and reduced its forecast 2008 profit for the second time. Read below the fold...
Submitted by DCblogger on Sat, 07/05/2008 - 12:20pm
N.Y. AG Prescribes Subpoenas to UnitedHealth Group, Others
The nation's largest health care insurer, four of its subsidiaries and a number of other large insurers are being served subpoenas -- 16 in all -- in a suit to be brought by New York Attorney General Andrew Cuomo that charges the companies used "rigged data to manipulate the reimbursement rate to their customers who filed claims."
At the center of the scheme, according to the attorney general, is Ingenix, Inc., "the nation's largest provider of health care billing information, which serves as a conduit for rigged data to the largest insurers in the country." Read below the fold...
Submitted by DCblogger on Fri, 06/27/2008 - 10:26am
The battle to save Medicare
Reader Jack Wajda, 69, of Orlando, a retired AT&T executive and financial planner, identifies the single greatest problem with the American health-care system as well as anyone. He writes: "To allow private for-profit insurance companies to decide whether and what type of care we receive is incomprehensible to me." ...
... Now, as Wajda correctly writes, taxpayers pay the private Medicare Advantage plans at least $9,000 a year more per patient than for traditional Medicare, with salespeople getting commissions. On top of that, the prescription benefit, Part D, has also been given to the insurance companies, which are earning high profits. Read below the fold...
Submitted by DCblogger on Wed, 06/18/2008 - 10:39pm
Let's talk about corporate greed. It is worse than you thought. We know that these companies make money by collecting premiums and then denying care. The question is, money for who? Let's look at their insider trades:
Cigna's board of directors and chief corporate officers collectively dumped 129,499 shares of Cigna stock. I tried to add that up to what it would be in dollars, got as far as $17,342,224. That is in addition to their very high salary. How much health care could your municipality buy with $17 million dollars? Read below the fold...
Submitted by DCblogger on Sun, 05/25/2008 - 6:54pm
Insurers don't like to 'share'
The current mantra of those who support our private insurance model for health care is "shared responsibility." Their goal is to ratchet up the amount that individuals will have to pay for medical costs, by buying insurance policies that have higher deductibles, larger co-payments, and higher costs for prescription drugs. What "shared responsibility" is about is maintaining insurance company profits. Read below the fold...
Submitted by DCblogger on Tue, 05/06/2008 - 10:47am
UnitedHealth's Ingenix faces mounting legal troubles
Now, a consumer is raising the stakes a bit by attempting to get class action status for a suit against Ingenix itself. In the suit, which was filed in Connecticut, plaintiff Jeffrey Weintraub contends that he was defrauded by a conspiracy in which health plans calculate lowball, out-of-network rates using bogus Ingenix data. Weintraub also names UHG, Oxford health Plans, Aetna, Cigna and other insurers in the suit. Read below the fold...
Submitted by DCblogger on Mon, 03/24/2008 - 7:14pm
Major insurance companies drop on sector woes
Although UnitedHealth Group reported a positive fourth quarter—including a 62% increase for its Ingenix database system business—the company’s stocks have since plummeted, partially because of an ongoing investigation by New York Attorney General Andrew Cuomo. On March 12, shares fell to a 52-week low, bottoming out near $36 after seeing prices as high as $60 in December 2007. ... Read below the fold...
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