Court Rules On Anthem And Cigna Failed Merger
A court ruled neither of the two giant health care insurers can recover damages from their failed merger attempt three years ago. Also, other health industry news from across the country.
Modern Healthcare:
Anthem, Cigna Can't Collect Billions In Damages Over Failed Merger
A Delaware court ruled Monday that neither Anthem nor Cigna Corp. may recover any damages after they failed to complete their proposed $54 billion merger, which would have created the nation's largest health insurer. The decision concludes a bitter, yearslong battle between the companies and their top executives, who called off their merger in 2017 after a district court issued a permanent injunction against the deal. (Livingston, 8/31)
The Wall Street Journal:
Anthem-Cigna Fight Over Failed Merger Ends In A Draw
Cigna Corp. and Anthem Inc. won’t have to pay damages to one another over their failed $48 billion merger deal, a Delaware judge decided Monday, potentially resolving a bitter, yearslong legal battle that had the two insurance giants trading accusations of skulduggery. In dueling lawsuits, each of the health-insurance giants sought billions of dollars in damages from the other. Both companies argued that its erstwhile partner had sabotaged their proposed combination, which foundered in 2017 after court rulings against the merger on antitrust grounds. Cigna wanted damages of $14.7 billion, along with a breakup fee of about $1.8 billion, from Anthem. Anthem sought damages of $21.1 billion from Cigna. (Wilde Mathews and Brickley, 8/31)
In other health industry news —
FierceHealthcare:
Cleveland Clinic Posts $241M Loss In First Half Of 2020 As Patient Revenue Took A Major Hit
Cleveland Clinic posted an operating loss of $241 million in the first half of 2020 as patient revenue took a major hit, according to the system’s latest earnings. The Ohio-based health system is the latest major system to post losses for the first half of the year as hospitals struggle to combat a financial crisis caused by the pandemic. (King, 8/31)
FierceHealthcare:
Aetna Launches New Plan Design That Puts Focus On CVS' Health Services
Aetna is launching a new plan design in the Kansas City market that puts a spotlight on its parent company, CVS Health's, care offerings. The Aetna Connected Plan with CVS Health will be available to employers with 101 or more workers in three Missouri Counties and two in Kansas for the 2021 plan year. While the PPO plan will offer access to many regional providers, CVS' HealthHubs and MinuteClinics are deeply embedded in the plan design, Aetna said. (Minemyer, 8/31)
Modern Healthcare:
Sinai Health And DePaul Team Up To Address Health Inequity
Chicago-based safety-net system Sinai Health is collaborating with DePaul University to develop clinical and community programs to address the city's social and health inequities, the organizations said Monday. DePaul and Sinai's research arm, Sinai Urban Health Institute, signed a memorandum of understanding to create a new institute to conduct research projects and share educational opportunities focused on identifying evidence-based solutions. (Ross Johnson, 8/31)
Boston Globe:
Milton Woman Sues OB/GYN Group Over Alleged Racial Discrimination
When Timoria McQueen Saba was approached last spring by the nation’s premier obstetrics and gynecology organization about serving on its patient safety council, she jumped at the opportunity to highlight the patient voice in the nation’s maternal health crisis, which disproportionately affects Black women. Saba, who lives in Milton, is a maternal health advocate who makes no secret that she is a survivor. She suffered a near-fatal hemorrhage in 2010 after the birth of her daughter and was diagnosed with post-traumatic stress disorder. Thirteen months later, she had a miscarriage in a frozen yogurt shop. (Wise, 8/31)
PBS NewsHour:
Is U.S. Health Care The Best Or ‘Least Effective’ System In The Modern World?
And the idea was to look at the state of American health care, how it is today. And, as you know, this is a country with remarkable innovation in that field, remarkable innovation. And yet this is also a country with incredibly stark disparities. There's over 30 million people who have no health care insurance whatsoever. And so we thought, can we learn something about — can we learn something from other nations that do a better job of covering everybody? (Brangham and Kane, 8/31)
