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
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
