09/14/2014: "Wellpoint Cherry Picking"
January 24, 2008
Filed under: FSSA, Indiana, insurance, Local (Central IN) News, Politics: Healthcare, Uncategorized
Tags: Anthem, Connecticut, indianapolis star, medicaid, medical loss ratio, Ohio, Wellpoint
From Anthem's parent company, comes this news from the Indianapolis Star. Apparently increasing profit by 7% isn't good enough and executives with the company continue to want more, more, and more...
However, the company also reported that during the quarter, it paid out 82.9 percent of each premium dollar for care - a measure called the "medical loss ratio" in industry jargon - up from 81 percent a year ago.
The increased medical spending came from WellPoint's commercial business and higher-than-expected medical claims in the company's Medicaid contracts in Ohio and Connecticut. WellPoint said it is terminating it's contract with the Ohio Medicaid program because it was unable to reach an agreement with the state that would allow the company to participate in a "financially responsible manner."
Just as a reminder, Anthem was one of the companies chosen by the Indiana Department of Family and Social Services Administration to administer Indiana's Medicaid Program.