ProMedica’s CFO Steve Cavanaugh said during a Nov. 21 conference call with bondholders and analysts that the health system “instituted a new membership enrollment freeze on Medicaid. We’ll keep the freeze until we resolve the [reimbursement] rate issue,” he said.
ProMedica said in June it would consider eliminating the plan, called Paramount, if it continued to operate unsustainably. Financial data reviewed by The Blade showed the health system’s operating income fell $102.8 million in the first nine months of fiscal 2019 due to Paramount. That’s compared to an operating gain of $26.8 million a year prior.
The plan serves roughly 240,000 managed Medicaid members.
Read more here.
More articles on payers:
BCBS plans debut national provider network: 4 things to know
Walmart to use UnitedHealth-owned services in 3-state telehealth pilot
Anthem plans sue for $100M in federal payments
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.