January 14, 2009 at 14:15 PM EST
Unhappy? Tell the CEO
Two days ago New York State Attorney General Andrew Cuomo released the findings of a yearlong investigation of his office’s investigation into inflated charges for healthcare. Cuomo’s office found that UnitedHealth Group (UNH) routinely underpaid up to 28% on claims leaving policyholders holding the bag for the difference. He will seek restitution estimated at hundreds of millions of dollars. Ingenix UnitedHealth’s system for setting “usual and customary” rates for medical procedures was used by many insurers including Aetna (AET) and Cigna (CI). According to today’s New York Post UnitedHealth “acknowledged no wrongdoing ” but the company’s general counsel Mitchell ...
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