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Petsky Prunier Advises Katch on the Sale of Its Over 65 Health Insurance and Life Insurance Customer Acquisition Business, Including Healthplans.com, to MediaAlpha

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Petsky Prunier Advises Katch on the Sale of Its Over 65 Health Insurance and Life Insurance Customer Acquisition Business, Including Healthplans.com, to MediaAlpha NEW YORK--(BUSINESS WIRE)--Petsky Prunier is pleased to announce it has advised Katch, an advertising technology company that enables brands to target and bid on vertically-focused, in-market website visitors as they shop online, on its sale of its Over 65 Health Insurance and Life Insurance customer acquisition business, including Healthplans.com, to MediaAlpha, a portfolio company of White Mountains Insurance Group (NYSE:WTM). Healthplans.com is the leading website for consumers shopping for Reported by Business Wire 4 hours ago.

New head of NHS financial regulator under fire for refusing to give up private health insurance

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Baroness Dido Harding also spoke out against 'demonising' private healthcare as she faced MPs ahead of being appointed chair of NHS Improvement Reported by Independent 4 hours ago.

APPROACHING DEADLINE: Lundin Law PC Announces Securities Class Action Lawsuit against Health Insurance Innovations, Inc. and Reminds Investors with Losses to Contact the Firm

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LOS ANGELES, CA / ACCESSWIRE / October 17, 2017 / Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Health Insurance Innovations, Inc. ("Health Insurance Innovation... Reported by FinanzNachrichten.de 4 hours ago.

Key senators say they have outline of health insurance deal

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Two leading senators said Tuesday they have the "basic outlines" of a bipartisan agreement to resume federal payments to health insurers that President Donald Trump has blocked. Both said in separate interviews that they still have unresolved issues but expressed optimism that a compromise was... Reported by L.A. Times 4 hours ago.

Insurance commissioner to deny additional rate increases

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BISMARCK, N.D. (AP) — North Dakota Insurance Commissioner Jon Godfread says he will deny any additional rate increases to individual health insurance premiums under the Obama health care law. Godfread said last week that President Donald Trump’s plan to halt payments to insurers under the law could potentially raise health insurance costs as much as […] Reported by Seattle Times 4 hours ago.

Senators Reach Deal to Shore Up Health Markets

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Two senators on Tuesday finalized the basic contours of a bipartisan deal designed to shore up health-insurance markets while giving states more say in how they implement rules set out by the Affordable Care Act. Reported by Wall Street Journal 2 hours ago.

Bipartisan Deal: Pay Obamacare Subsidies, Lower State Requirements

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Bipartisan Deal: Pay Obamacare Subsidies, Lower State Requirements Watch VideoTwo senators say they have a bipartisan deal to fund key Obamacare subsidies in exchange for allowing states more flexibility. 

Republican Sen. Lamar Alexander and Democratic Sen. Patty Murray announced the deal Tuesday.

The deal would extend cost-sharing reduction payments, or CSRs, for an additional two years. Last week, President Donald Trump said he would end those payments, which allow health insurance companies to offer qualifying customers discounts on their deductibles, copayments and coinsurance.

Democratic Party leaders lambasted Trump's decision, calling it "spiteful" and "pointless sabotage." 

That's because without those subsidies, the Congressional Budget Office said premium costs would spike by around 20 percent for low-income Americans.

Alexander and Murray say in exchange for extending CSR payments, Congress would give states more flexibility under the Affordable Care Act, such as lowering certain coverage requirements.

*SEE MORE: Rep. Tom Marino Is Out As Trump's Drug Czar Pick*

Trump reportedly encouraged the deal and supports it. Now, Alexander and Murray will have to get their colleagues in both the Senate and House to support it.  Reported by Newsy 57 minutes ago.

How Obamacare Fuels The Obesity Epidemic

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How Obamacare Fuels The Obesity Epidemic Authored by Duane Norman via Free Market Shooter blog,

Recently, the CDC announced that America has made a new high; not in the stock market, but in obesity rates:



A troubling new report released Friday by the Centers for Disease Control and Prevention shows that *almost 40 percent* of American adults and nearly 20 percent of adolescents are obese — the highest rates ever recorded for the U.S.



Many contributing factors have been blamed for causing and/or fueling the obesity epidemic, including, but not limited to: overeating, poor diet, physical inactivity, prescription medications, all the crap that is on grocery store shelves, toxic chemicals, diseases, and just plain old genetics.  *But while Obamacare certainly can’t be blamed for America’s ever-increasing obesity, the law has added fuel to the fire, and in a manner that has gone unnoticed by most Americans.*

First, it is important to understand exactly what part of Obamacare has changed the health insurance equation; the requirement that individuals cannot be screened for pre-existing conditions or denied coverage on that basis.  While it sounds like a “fair” and equitable idea to force insurers to cover the riskiest patients who need coverage the most, its method of implementation has certainly left “healthy” individuals with far higher premiums relative to their unhealthy counterparts.

I signed up for an individual health insurance plan in 2011, after Obamacare was enacted, but prior to its implementation.  The plan complied with all ACA requirements, but insurers could still “screen” me using their existing process.  I was asked a slew of questions; my age, gender, health history, and questions about my personal habits, including, but not limited to; gender, smoking status, alcohol consumption, exercise habits, risky hobbies (i.e. skydiving), and basically any other question you could imagine an insurer would use to quantify what my premiums should be.

*After the ACA, the only questions an insurer can ask about a prospective patient are: age and smoking status.  I was previously under the impression that under the ACA, insurers could charge higher premiums to women, as they use health services far more frequently than men, but “gender rating” is actually illegal under the ACA.  *

What does all of this mean?  It means that all of those questions that insurers used to ask to quantify risk are now off limits:



Under Obamacare, many factors that influence healthcare expenditures are excluded from premiums. For example, premiums make no distinction for obesity, likelihood of having a baby, alcoholism or pre-existing conditions.



Before Obamacare, an insurer would have charged a much lower premium to the healthy guy, and a much higher one to the obese guy (if it chose to cover him at all).  Without being able to assess the risk of individual customers, the healthy customer ends up paying more, while the obese customer ends up paying less.

*Under Obamacare, a 30-year-old male, with a BMI of 18, who works out 5-6 days a week, eats as healthy as possible, and has absolutely no health problems whatsoever, ends up paying the same amount in premiums as a 30-year-old male who is 600lbs, eats two pizzas and drinks two 2-liter sodas daily, and has been previously told by his doctor that he needs to lose weight, or be at risk for heart disease and diabetes.  *

-Ladies and gentlemen… this is how “socialized medicine” works in practice.-

And, what makes this problem even worse?  Skyrocketing obesity rates:

Obesity Rates Timelapse – 1990-2013

Healthy people end up paying for the associated health problems of their obese counterparts via higher premiums, and as obesity goes up…

Obesity Rates – 2017

…so do insurance premiums, as even the government’s own HHS website has been forced to admit:



· Average individual market premiums more than doubled from $2,784 per year in 2013 to $5,712 on Healthcare.gov in 2017 – an increase of $2,928 or 105%.
· All 39 states using Healthcare.gov experienced an increase in individual market premiums from 2013 – 2017.
· 62% of states using Healthcare.gov had 2017 premiums double what was measured in 2013.
· Three states – Alaska, Alabama, and Oklahoma – saw premiums triple from 2013-2017.



Zerohedge made an incredible observation about the obesity epidemic when this report was released…



The consequences of the obesity epidemic are devastating: High blood pressure, diabetes, heart disease and stroke are not only killing millions of Americans annually — the obesity epidemic is also *a humongous burden on the American health care system, making up $190 billion a year in weight-related medical bills.*



…and summed it up succinctly with another quote:



Luckily, Obamacare socialized the medical cost of these bad habits…so enjoy those McDonalds fries and we’ll all share the cost of your blood pressure and cholesterol medications…it’s just more ‘fair’ that way.



Obamacare has socialized the cost of obesity by *refusing to allow insurers to give incentives to customers to remain healthy,* and to price customers according to their health risks. A record number of adults are forgoing health insurance in spite of the law’s mandate, and healthy individuals who do not “need” as much medical care as their obese counterparts are undoubtedly fueling the “opt-out” increases from Obamacare.

To be fair, the ACA didn’t start the obesity epidemic, but the law is without any cost impetus to change unhealthy behaviors.  The law has all but thrown gasoline on the obesity problem, by bringing the costs of insurance for obese individuals down, and greatly increasing them for their healthier counterparts.

*Of course, this fact is likely lost on Obamacare’s liberal defenders, most of whom likely have top-tier employer healthcare to insulate them from the reality of Obamacare’s failures.  *

  Reported by Zero Hedge 28 minutes ago.

Who's to blame if the ACA blows up? Trump, of course

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President Trump still doesn’t get it: He owns Obamacare now.

He’s been hard at work undermining the government-regulated health insurance program —eliminating subsidies to insurance companies, slashing programs to enroll new customers, authorizing bare-bones plans to lure healthy patients out of... Reported by L.A. Times 11 hours ago.

With ACA in Limbo, Insurers Brace for Drop in Enrollment

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With enrollment for Affordable Care Act health-insurance plans starting in just two weeks, insurers are bracing for a drop-off among consumers put off by higher rates, confusion about the law’s standing and a shorter window to choose coverage. Reported by Wall Street Journal 11 hours ago.

Today: ‘Repeal and Replace’? It May Be ‘Re-Up and Relax’ Now

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A bipartisan plan in the Senate would extend federal funding for some key Obamacare payments and ease up on some of the law’s requirements. That could stabilize health insurance markets, but it’s far from a done deal.

TOP STORIES

‘Repeal and Replace’? It May Be ‘Re-Up and Relax’ Now

Reports of... Reported by L.A. Times 10 hours ago.

Health Insurance Innovations: Set Aside Debunked Fraud Claims And Focus On Fundamentals

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Reported by SeekingAlpha 9 hours ago.

eHealth Announces Partnership with SASid Insurance Development to Bring Health Insurance Shoppers Affordable Alternatives for the Affordable Care Act’s 2018 Open Enrollment Period

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eHealth Announces Partnership with SASid Insurance Development to Bring Health Insurance Shoppers Affordable Alternatives for the Affordable Care Act’s 2018 Open Enrollment Period MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--eHealth announces a new partnership with SASid Insurance Development to offer consumers more affordable coverage alternatives during open enrollment. Reported by Business Wire 9 hours ago.

eHealth Announces Partnership with The IHC Group to Bring Health Insurance Shoppers Affordable Alternatives for the Affordable Care Act’s 2018 Open Enrollment Period

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eHealth Announces Partnership with The IHC Group to Bring Health Insurance Shoppers Affordable Alternatives for the Affordable Care Act’s 2018 Open Enrollment Period MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--eHealth announces a new partnership with The IHC Group to offer consumers more affordable coverage alternatives during open enrollment. Reported by Business Wire 9 hours ago.

Health care deal could spare major MinnesotaCare cuts

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ST. PAUL, Minn/ (AP) — A brewing compromise in the U.S. Senate to shore up health insurance markets could roll back massive cuts to federal funding for Minnesota’s health care program for the working poor. Top Senate Republicans and Democrats on Tuesday announced a deal that would resume federal subsidies for insurance deductibles for shoppers […] Reported by Seattle Times 9 hours ago.

The Latest: Senator says Trump called him on health deal

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WASHINGTON (AP) — The Latest on President Donald Trump and health care legislation (all times local): 9:06 a.m. Sen. Lamar Alexander says President Donald Trump called him Wednesday morning "to be encouraging" of bipartisan efforts to come up with a plan to stabilize health insurance premiums after Trump stopped them. Alexander, R-Tenn., and Sen. Patty Murray, D-Washington, announced Tuesday they had reached a deal to resume federal payments to health insurers that Trump had halted. Insurers had warned that unless the money was quickly restored, premiums would go up and prompt some carriers to abandon unprofitable markets. Trump had spoken favorably of the deal Tuesday but then later in the day reversed course. Reported by SeattlePI.com 9 hours ago.

Highmark Health, Allegheny Health Network to Invest More Than $1 Billion to Improve Health Care Quality, Access in Western PA

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Comprehensive Strategy Aims to Redefine the Future of Health Care through Innovations in Care Delivery and Patient Experience

PITTSBURGH, PA (PRWEB) October 18, 2017

Highmark Health and Allegheny Health Network (AHN) announced today plans to invest an additional $700 million in new facility construction and existing facility expansion and renovation over the next four to five years to further improve access to affordable, high-quality health care services in the Western Pennsylvania region. Coupled with $315 million in capital investments announced earlier this year to support the network’s cancer and Erie market strategies, the additional projects bring the organization’s total commitment to more than $1 billion in new and improved care sites and capabilities. The investments are expected to ultimately create more than 800 new health care jobs in the region.

As key components of its strategy, AHN will open a new, 160+ bed full-service hospital in Pine Township adjacent to its Wexford Health + Wellness Pavilion, while also forming a joint venture with Emerus, the nation’s leading developer and operator of neighborhood hospitals, to build multiple additional facilities across the region that will provide unique local access to emergency, primary and specialty care.

The network also plans to further expand and renovate facilities at a number of its existing hospitals, including Forbes, Jefferson, West Penn and Allegheny General, and will continue to make substantial investments that advance the capabilities of its leading clinical programs in cardiovascular care, women’s health, the neurosciences and orthopedics, among others.    

“Today’s announcement further underscores the magnitude of our commitment to the region and to developing a nationally leading, value-based health care system that is unsurpassed in the quality, accessibility and affordability of the services it provides,” said David Holmberg, Highmark Health President and CEO. “Through our partnership with Emerus and the other significant capital investments planned for AHN, we are building a uniquely patient-centric health care system and taking every step necessary to ensure the network’s exceptional care is more readily available to patients and our members in settings close to where they live and work.”

Through 2016, Highmark Health invested more than $1.4 billion in AHN assets and operations to enhance its clinical capabilities and grow its capacity to provide leading-edge care in the market, bringing the cumulative investment to nearly $2.5 billion through 2022. In June 2017, the network announced plans to invest more than $200 million over the next two years to enhance access to oncology services, including a new academic cancer institute that will be built on the campus of AGH and multiple community-based cancer treatment centers. The organization also is in the midst of a $115 million multi-phased capital investment plan for Saint Vincent Hospital in Erie that includes construction of a new emergency department, a state-of-the-art operating room suite, and a new Women’s and Infants Center, among other planned projects.

“We are listening to our patients and members and developing 21st century care models, programs and facilities that place their health care needs and preferences at the center of everything we do,” Holmberg said.    

Bringing state-of-the-art inpatient care to Wexford

AHN’s planned hospital in Pine Township will complement the network’s abundance of outpatient services in the market, including its Wexford Health + Wellness Pavilion, Pediatric Orthopaedic Institute and other facilities and physician offices.

AHN’s Wexford Health + Wellness Pavilion offers a range of primary and outpatient specialty care in a holistic model that combines comprehensive clinical and retail health services. Supported by the area’s growing population base, the Pavilion has exceeded expectations since opening in 2014, with patient volumes increasing every year and numerous new services being added to accommodate the community’s increasing health needs.

Like the Pavilion, the new AHN Wexford hospital will serve an area with a current population of more than 215,000 people, more than 40% of whom have Highmark Blue Cross Blue Shield coverage. The new hospital will offer a wide array of clinical services, including many that community residents are currently traveling into Pittsburgh to receive.

“When the Wexford Pavilion was developed, we envisioned one day adding an equally dynamic, retail-oriented inpatient component to our capabilities in the market,” said Cynthia Hundorfean, AHN President and CEO. “We are thrilled to now be moving forward with that vision by building a state-of-the-art, full-service hospital for our patients and their families that will be unsurpassed in the experience and quality of care that it affords.”

Pending regulatory approvals, AHN expects to break ground on its new hospital in mid-2018 with completion in or before 2021.

Emerus Joint Venture – a first-of-its-kind model for western Pennsylvania

AHN will be among the first health systems east of the Mississippi to incorporate the Emerus neighborhood hospital concept into its care delivery model. The facilities typically range from 15,000 to 60,000 square feet and may offer an assortment of onsite clinical services, including an emergency department, 10-12 inpatient beds for observation and short-stay use, diagnostic care, primary and specialty care, and other complementary services. Unlike standalone emergency departments or urgent care centers, the facilities are fully licensed hospitals that are open 24/7 and able to accommodate some patients who require hospital-based services.    

AHN and Emerus are initially planning to open four AHN neighborhood hospitals in the region over the next 18-24 months. Locations for the hospitals are expected to be finalized soon, with opening dates targeted for early 2019.

“Hospitals and health systems across the country are seeking innovative solutions to providing patients and communities with not only better access to care, but a more efficient model of care delivery,” said Craig Goguen, Emerus CEO. “We are excited to partner with Highmark Health and AHN to help them accomplish that goal in the greater Pittsburgh area by bringing our unique hospital concept to life for the many people who rely on AHN for their comprehensive health care needs.”

AHN and Emerus will share in the cost of constructing the new hospitals, with Emerus managing the facilities. The hospitals will be staffed by board-certified physicians, nurses and other experienced health care professionals, all of whom are aligned around a proven, high-quality, patient-centered care model. In 2016, for the fourth consecutive year, Emerus received the prestigious Press Ganey Guardian of Excellence Award, which recognizes top-performing health care organizations that have consistently achieved the top 95th percentile or above for exceptional patient experience.

Among many patient-friendly design elements, the neighborhood hospitals feature nursing stations uniquely configured to maximize sightlines and accessibility, allowing staff to easily monitor exam rooms and minimize response times. Aesthetically pleasing and technologically advanced CT and x-ray procedure rooms provide comfort for patients of any age, with adjacent observation rooms that keep families together during procedures. Onsite labs will expedite testing processes so patients don’t have to wait long for results.

“Our first and foremost priority is providing patients with the absolute best care experience possible, and it is immensely gratifying to be able to partner with an organization that shares those values,” said Hundorfean. “The future of healthcare is local, and Emerus has an outstanding track record for delivering excellent, high-value clinical services in well managed, beautifully maintained neighborhood facilities. We look forward to adding its model to our diverse portfolio of facilities and programs.”    

Hundorfean stressed that AHN’s goal through its neighborhood hospital strategy is to quickly and cost-effectively address gaps in healthcare access where its patients, and Highmark members, reside while also further strengthening the network’s relationship with independent hospitals in communities they jointly serve. AHN plans to establish transfer agreements with independent providers located in the vicinity of its new neighborhood hospitals for patients who may require more sophisticated surgical or critical care services.

“Every investment that we make is based on our commitment to always doing what’s right for patients and what’s right for the communities we serve,” Hundorfean said. “We believe keeping care local whenever appropriate leads to the best possible experience and outcomes for patients, while also reducing the costs of care.”

Expansion and Upgrade of Existing AHN Facilities

AHN will also move forward with an expansion and renovation of Jefferson Hospital’s emergency department as part of its capital investment plans. More than 45,000 patients in the South Hills and lower Monongahela Valley seek emergency care at Jefferson each year. The new emergency department will feature spacious, comfortable waiting areas and the latest advanced technologies to help caregivers triage, diagnose and treat patients more effectively and efficiently. Work on the project is expected to start in the first quarter of 2018.

At Forbes Hospital, plans are in place to expand and enhance the hospital’s existing perioperative, gastroenterology and postoperative surgical recovery units to better accommodate the hospital’s growing surgical program and patient volumes. The hospital is expected to break ground later in October on its new 50,000-square-foot Perioperative Center, which will double the capacity of Forbes’ post-acute care unit, increase by 50% its capacity for cardiac procedures and add both a new electrophysiology lab and an expanded, state-of-the-art GI lab. Completion of the project is anticipated in December 2018.

AHN’s plan also includes continuing investments in infrastructure, renovations, technology upgrades and new clinical programs at AGH, and construction of an expanded Neonatal Intensive Care Unit and investment in a number of AHN Women specialty clinics at West Penn Hospital, including a new Center for Postpartum Depression.

About Highmark Health
Highmark Health, a Pittsburgh, PA based enterprise that employs more than 40,000 people nationwide and serves nearly 50 million Americans in all 50 states, is the second largest integrated health care delivery and financing network in the nation based on revenue. Highmark Health is the parent company of Highmark Inc., Allegheny Health Network, and HM Health Solutions. Highmark Inc. and its subsidiaries and affiliates provide health insurance to more than 5 million members in Pennsylvania, West Virginia and Delaware as well as dental insurance, vision care and related health products through a national network of diversified businesses that include United Concordia Companies, HM Insurance Group, Davis Vision and Visionworks. Allegheny Health Network is the parent company of an integrated delivery network that includes eight hospitals, more than 2,800 affiliated physicians, ambulatory surgery centers, an employed physician organization, home and community-based health services, a research institute, a group purchasing organization, and health and wellness pavilions in western Pennsylvania. HM Health Solutions focuses on meeting the information technology platform and other business needs of the Highmark Health enterprise as well as unaffiliated health insurance plans by providing proven business processes, expert knowledge and integrated cloud-based platforms. To learn more, please visit http://www.highmarkhealth.org.

About the Allegheny Health Network
Allegheny Health Network (http://www.AHN.org), a Highmark Health company, is an integrated healthcare delivery system serving the greater Western Pennsylvania region. The Network is composed of eight hospitals, including Allegheny General Hospital, its flagship academic medical center in Pittsburgh, Allegheny Valley Hospital in Natrona Heights, Canonsburg Hospital in Canonsburg, Forbes Hospital in Monroeville, Jefferson Hospital in Jefferson Hills, Saint Vincent Hospital in Erie, West Penn Hospital in Pittsburgh and Westfield Memorial Hospital in Westfield, NY. The Network provides patients with access to a complete spectrum of advanced medical services, including nationally recognized programs for primary and emergency care, cardiovascular disease, cancer care, orthopedic surgery, neurology and neurosurgery, women’s health, diabetes and more. It also is home to a comprehensive research institute; Health + Wellness Pavilions; an employed physician organization, home and community based health services and a group purchasing organization. The Network employs approximately 17,000 people, has more than 2,800 physicians on its medical staff and serves as a clinical campus for Drexel University College of Medicine, Temple University School of Medicine, and the Lake Erie College of Osteopathic Medicine.

About Emerus
Emerus is the nation’s first and largest operator of neighborhood hospitals. Emerus partners with leading health systems to provide excellence, empathy and innovation in health care delivery through a network of efficient, value-based neighborhood hospitals. The Emerus network brings high-quality, patent-centric acute episodic and ambulatory clinical services to communities across a given market. This helps patients by positioning best-in-class provider services in the communities where they work, live and play. Emerus’ distinctive level of care earned the Guardian of Excellence Award for Superior Patient Experience in 2013, 2014 and 2015. More information is available at http://www.emerus.com (http://www.emerus.com). Reported by PRWeb 8 hours ago.

A huge health insurer just decided to build its own middleman to manage prescriptions (ANTM, ESRX)

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A huge health insurer just decided to build its own middleman to manage prescriptions (ANTM, ESRX)· *In April, health insurer Anthem parted ways with Express Scripts, a pharmacy benefits manager. *
· *Anthem was responsible for roughly 18% of Express Scripts' first quarter 2017 revenue.*
· *Now, Anthem is launching its own PBM called IngenioRx.*

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Anthem, which owns a variety of Blue Cross Blue Shield health insurance firms, said on Wednesday that it will be launching its own pharmacy benefits manager. 

Pharmacy benefits managers, or PBMs, help negotiate lower prices for prescription drugs for health insurance plans. Anthem said its PBM IngenioRx would work with customers on Anthem plans as well as those who aren't on Anthem plans.

Anthem was up as much as 5% on Wednesday morning after the announcement.

In April, Anthem parted ways with Express Scripts, one of the largest PBMs in the drug industry, after choosing not to renew its contract. Anthem accused Express Scripts of not passing along savings from prescription drugs, claiming Express Scripts overcharged the insurer by billions of dollars. The ending of the contract comes after Anthem last year sued Express Scripts over the issue. 

Express Scripts shares were also up about 2% on Wednesday.

The decision to build its own PBM comes at an interesting time as middlemen receive more scrutiny. The hope, Anthem's CEO Joseph Swedish said, is to build a PBM that will "break through what is now a complex and fragmented landscape." 

"During the past two years, we have been very clear that we can strengthen the value offered to the marketplace with an improved and aligned PBM model," Swedish said in a news release. "Through the process of evaluating many PBM options in preparation for the expiration of our current contract, we determined that our scale and experience best position us to deliver an innovative solution, and the launch of IngenioRx will allow us to break through what is now a complex and fragmented landscape. It also positions Anthem to take advantage of a unique opportunity to grow and diversify our business within our existing footprint as well as nationally."As part of the new set-up, Anthem also signed a five-year deal with CVS Health, which operates pharmacies and walk-in clinics starting in 2020. 

*SEE ALSO: A huge pharma middleman lost its biggest customer — and it shows how drug pricing really works*

Join the conversation about this story »

NOW WATCH: Traders are gearing up for Trump's tax cut plan Reported by Business Insider 7 hours ago.

RxAdvance Honored by Goldman Sachs for Entrepreneurship

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RxAdvance Honored by Goldman Sachs for Entrepreneurship *Business Wire India*Goldman Sachs (NYSE:GS) is recognizing RxAdvance President and CEO Ravi Ika as one of the 100 Most Intriguing Entrepreneurs of 2017 at its Builders + Innovators Summit in Santa Barbara, California.   Goldman Sachs selected Ravi as one of 100 entrepreneurs from multiple industries to be honored at the two-day event.   A noted entrepreneur and an innovator of disruptive business solutions, Ravi Ika founded RxAdvance in 2013 and serves as President and Chief Executive Officer of the full-service pharmacy benefit management (PBM) company. He launched RxAdvance to lower pharmacy, specialty, and avoidable drug-impacted medical costs and achieve better outcomes, quality, and compliance in the new era of value-based health care.   The *Collaborative PBM Cloud™*, the platform Ravi and the RxAdvance team created from the ground up, provides comprehensive transformative services for all PBM administrative, clinical, specialty management, care stakeholder engagement, and medical risk management functions. It does so in a way never imagined in the PBM industry.   Mr. Ika envisions a $840 billion PBM market long in need of transformation. The* Collaborative PBM Cloud™* combines pharmacy, medical, and lab information to deliver actionable intelligence. Prescribers receive this real time actionable intelligence at the point of care, pharmacists at point of sale, patients via mobile cloud, and payers’ clinical and pharmacy staff engagement through their workflows. Among the valuable results: lower costs, optimal utilization, better outcomes, higher quality, greater transparency, and rigorous compliance.   More than 15 years ago, Ravi recognized a similar transformational opportunity in health insurance. Industry insiders, challenged to reduce administrative costs by 30% and avoidable medical costs by 20%, saw the goals as unachievable. Mired in paper-based processes, the industry also struggled with a myriad of fragmented, inflexible, and expensive legacy systems.   Ravi responded to this opportunity with ikaSystems, an enterprise payer cloud platform company. Disrupting obsolete paradigms, he delivered unprecedented change long before passage of the Patient Protection and Affordable Care Act. The ikaSystems platform decreased administrative costs for many health insurers by as much as 50% and significantly reduced avoidable medical costs. With these results, ikaSystems raised more than $140mm capital from Providence Equity and Essex Woodland Ventures.   Ravi, stated that “I am honored to be one of the 100 Most Intriguing Entrepreneurs of 2017. RxAdvance continues to see rapid adoption of its disruptive Pharmacy Benefit Management (PBM) services leveraging *Collaborative PBM Cloud™*. By acting as a true partner to plan sponsors, we are working towards redefining the value proposition for the PBM industry. Through our integrated approach and disruptive platform, we are transforming decades old traditional paradigms in the PBM industry.”   "We are pleased to recognize Ravi as one of the most intriguing entrepreneurs of 2017," said David M. Solomon, President and Co-Chief Operating Officer at Goldman Sachs. "This is the sixth year that we’ve hosted the Builders + Innovators Summit where emerging business leaders gather to discuss their common interests in building prosperous organizations."  For more than 145 years, Goldman Sachs has been advising and financing entrepreneurs as they launch and grow their businesses. In addition to honoring 100 entrepreneurs, the Summit consists of general sessions and clinics led by Goldman Sachs experts, seasoned entrepreneurs, academics and business leaders as well as resident scholars.   *About RxAdvance*   RxAdvance is a national full-service pharmacy benefit manager leveraging *Collaborative PBM Cloud™* to manage standard and specialty drug benefits with unmatched regulatory compliance and transparency. In addition, RxAdvance offers a global pharmacy risk partnership model standing shoulder-to-shoulder with plan sponsors. Its tailored, world-class services that reduce overall pharmacy costs, reduce avoidable drug impacted medical costs, and optimize specialty drug spend while improving patient quality of life are for all plan sponsors — health plans, accountable care organizations (ACOs), exchanges, state Medicaid programs, and employer groups. It provides contractually guaranteed savings in administrative costs, ingredient unit costs, and rebate revenues.  
  View source version on businesswire.com: http://www.businesswire.com/news/home/20171018005448/en/ Reported by Business Wire India 7 hours ago.

APPROACHING DEADLINE: Khang & Khang LLP Announces Securities Class Action Lawsuit against Health Insurance Innovations, Inc. and Reminds Investors with Losses to Contact the Firm

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IRVINE, CA / ACCESSWIRE / October 18, 2017 / Khang & Khang LLP (the "Firm") announces a securities class action lawsuit against Health Insurance Innovations, Inc. ("Health Insurance Innovations" or... Reported by FinanzNachrichten.de 7 hours ago.
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