WellPoint to fund insurance database
Patient Financial Services Weekly Advisor, February 20, 2009
The nation’s largest insurer is helping to establish an independent database to produce rates it pays doctors and hospitals, The Wall Street Journal reported yesterday.
Wellpoint, Inc. will pay $10 million to fund the project, spurred by New York Attorney General Andrew Cuomo. The prior method, used by UnitedHealth Group Inc.'s Ingenix, had skewed downward rates through faulty data collection, poor pooling procedures, and lack of audits, Cuomo told the Journal.
“You have to put together a new company that will put this information together fairly and honestly,” he said. “It's a fair set of eyes determining reimbursement.”
WellPoint is the sixth insurer to help fund the new database. Aetna Inc. has agreed to pay $20 million, and Cigna Corp. will pay $10 million.
Read the full story in The Wall Street Journal.
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