Post by Logan on Jan 23, 2016 23:06:01 GMT -6
NEW YORK, Jan. 23 (UPI) -- The Centers for Medicare and Medicaid Services has banned insurer Cigna from enrolling new Medicare customers due to "non-compliance" with government regulations.
"Cigna has experienced widespread and systemic failures impacting Cigna enrollees' ability to access medical services and prescription medications," the federal government said in a Jan. 21 letter to the insurer. "Cigna has had a longstanding history of non-compliance" with requirements of the Centers for Medicare and Medicaid Services.
The sanctions specifically target Cigna's Medicare Advantage and prescription drug plans, which accounted for for nearly a quarter of Cigna's revenue in 2015. According to CMS, Cigna had incorrectly denied insurance coverage and prescription drugs to those who should have received them.
Cigna disclosed the sanction in a public filing Thursday evening. Bloomberg Business reported Cigna shares fell 1.2 percent to $138.46 just after noon Friday.
Continued at www.upi.com/Top_News/US/2016/01/23/Cigna-shares-fall-after-government-sanction/5991453603108/?spt=hs&or=tn_us
"Cigna has experienced widespread and systemic failures impacting Cigna enrollees' ability to access medical services and prescription medications," the federal government said in a Jan. 21 letter to the insurer. "Cigna has had a longstanding history of non-compliance" with requirements of the Centers for Medicare and Medicaid Services.
The sanctions specifically target Cigna's Medicare Advantage and prescription drug plans, which accounted for for nearly a quarter of Cigna's revenue in 2015. According to CMS, Cigna had incorrectly denied insurance coverage and prescription drugs to those who should have received them.
Cigna disclosed the sanction in a public filing Thursday evening. Bloomberg Business reported Cigna shares fell 1.2 percent to $138.46 just after noon Friday.
Continued at www.upi.com/Top_News/US/2016/01/23/Cigna-shares-fall-after-government-sanction/5991453603108/?spt=hs&or=tn_us