Anthem loses disclosure fight

November 21, 2007
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The Blue Cross and Blue Shield plan that Indianapolis-based WellPoint Inc. operates in Connecticut has backed out of managing part of an insurance program rather than disclose the rates it pays doctors and its approach to denying prescription drug payments. Did WellPoint make the right call? How deep should government dig into a companyâ??s internal operations?
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  • Well, how can consumerism take place in an industry where the consumer doesn't know the costs? The insurance companies nor the doctors offices aren't talking, so I guess it does take a third party to force disclosure.
  • I think it's great that the government is finally stepping in and putting it's arms around what these insurance companies are doing. I hope this is the beginning of a huge ripple effect that will be seen throughout the country.
  • This has played out as it should in this instance. All of us who contract with government entities to provide services know on the front end due to regulations in place that the federal government has the right to inspect our books and records in our fees meet a certain threshold. The government has made this information a requirement of the contract and since Wellpoint has refused, they are excluded from the contract. That is how it should be.
  • Full disclosure is something most companies do not like. First, it would require honesty in their dealings with Customers. Second, it would allow more competition in an industry that thrives within the Gray Boundaries of complex legal and contracts language. The disclosure rules will be challenged and battled in courts where lawyers will keep both sides fighting to line their pockets while poor consumers foot the bills in the form of higher rates. Take a close look at the pay for most CEO level people in this industry - it's simply sinful.

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