The payment will be made by the Utah Insurance Department over the next six months.
Arches, one of the insurance co-ops formed under the ACA, closed in 2015, primarily citing lack of funding from the health law’s risk corridor program.
Overall, Arches owes health providers more than $36 million, and that number could still increase with additional claims, Tanji Northrup, assistant insurance commissioner with the Utah Insurance Department, said, according to the report. Deseret News reports Ms. Northrup said Arches also owes another $90 million to the federal government, along with $2 million to insurance agents and unpaid advertising costs.
Read the full report here.
More articles on healthcare finance:
Lurie Children’s Hospital receives $3.5M from Chicago Cubs first baseman
How a critical access hospital bounced back from the brink of bankruptcy: 5 questions with Carthage Area Hospital CFO Rob Bloom
Cheyenne Regional Medical Center no longer at risk of losing CMS contract
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
