State Officials Brace For Fallout If Massachusetts Insurer Collapses
Commonwealth Care Alliance provides health care to nearly 50,000 elderly, disabled, and low-income individuals. Also in the news: Veradigm, Cigna, Cone Health, Jefferson Health, and Hippocratic AI.
The Boston Globe:
Commonwealth Care Alliance: State Preps In Case Of Insurer Collapse
State officials said this week they are preparing in case Commonwealth Care Alliance collapses, in an effort to protect the health care of the struggling insurer’s nearly 50,000 elderly, disabled, and low-income members. In case members must transfer to a more basic version of the state’s Medicaid program, MassHealth, the state has sought proposals from vendors who could take over the intensive work of coordinating patients’ care, a service that Commonwealth Care provided but MassHealth‘s basic platform typically does not. (Bartlett, 3/19)
Modern Healthcare:
Veradigm Overstated Revenue In Financial Statements, Company Says
Veradigm, a healthcare data company, confirmed on Tuesday it overstated its revenue in prior year-end financial statements. The company found discrepancies in its financial statements from 2020-2022, overstating revenue in 2020 and 2022 while understating revenue in 2021. It blamed the errors on “internal control failures." (Turner, 3/19)
Modern Healthcare:
Cigna, HCSC Close $3.3B Medicare Deal
Blue Cross and Blue Shield licensee Health Care Service Corp. has closed its $3.3 billion purchase of Cigna’s Medicare operations, the companies announced Wednesday. The deal, which includes Medicare Advantage, Medicare Part D and Medicare supplement assets along with the CareAllies consulting unit, quadruples Health Care Service Corp.'s Medicare Advantage membership to about 800,000 and closes the book on Cigna's Medicare plan business. (Berryman, 3/19)
Modern Healthcare:
Cone Health's Mary Jo Cagle To Step Down
Cone Health President and CEO Dr. Mary Jo Cagle is stepping down May 31 due to a family health matter. Interim Chief Operating Officer Bernard “Bernie” Sherry will serve as interim CEO starting June 1, and a new COO will be named in the coming weeks, according to a Wednesday news release. The health system is conducting a nationwide search for a permanent CEO, the release said. (Hudson, 3/19)
Modern Healthcare:
Jefferson Health's Baligh Yehia To Oversee Lehigh Valley Health
Jefferson Health is making changes to its leadership team's responsibilities as the system integrates with Lehigh Valley Health Network. Jefferson President Dr. Baligh Yehia is expanding his role to oversee the combined system's growth and clinical integration across three legacy Jefferson regions and two legacy Lehigh Valley regions. Dr. Brian Nester, chief operating officer at Jefferson and former president and CEO at Lehigh Valley, is COO of the enterprise. (Hudson, 3/19)
Modern Healthcare:
Hippocratic AI To Launch AI Agent Upgrades In April
Hippocratic AI is launching its next generation of artificial intelligence models as it aims to stand out in an increasingly competitive space. The generative AI company said Wednesday it's planning to add multiple features focused on customer service to its suite of AI tools for health systems, payers and pharmaceutical companies. The models will triple-check patients' labs and medications as well as help route patients to a human when needed. (Turner, 3/19)
