Independence saw revenue increase 4.7 percent year over year to $13.8 billion in 2015. However, its financial gains were offset by costs associated with the Affordable Care Act and increased costs for specialty drugs.
Independence CFO Alan Krigstein told The Inquirer that the company’s ACA-related taxes and fees increased to $263 million in 2015, up from $204 million the year prior.
To stem future losses, Independence is focusing on new models of care, early intervention and negotiating more favorable rates with hospitals, according to the report.
More articles on payer issues:
Land of Lincoln, UChicago Medicine mend ties
Florida OIR approves Anthem’s acquisition of Cigna’s affiliates
Anthem, Dignity partner for new tiered health plan
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
