Birmingham-based Blue Cross and Blue Shield of Alabama faces an $8 million penalty from the Alabama Department of Insurance for selling policies at rates discrepant from those approved between 2005 to 2013, AL.com reports.
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Three major commercial payers saw their stock prices fall last week.
Companies in the payer space actively pursuing mergers and acquisitions are outpacing their competitors as payment models shift from fee-for-service to value-based care, according to a Brocair Partners market analysis.
Jersey City, N.J.-based CarePoint Health and Horizon Blue Cross Blue Shield resolved a more than 2-year-old contract dispute and $76 million lawsuit over billing in late August, NJ Spotlight reports.
The following payers made headlines this week, beginning with the most recent.
Baltimore-based CareFirst BlueCross BlueShield renewed its pharmacy benefits management agreement with CVS Caremark, the PBM arm of CVS Health in Woonsocket, R.I.
Norfolk, Va.-based Optima Health will reduce its individual marketplace footprint next year in Virginia, a move possibly leaving 70,000 enrollees without coverage.
Indianapolis-based Anthem said Wednesday it will scale back where it sells its individual marketplace polices to 59 of Kentucky's 120 counties next year, according to a CNBC report.
Individual marketplace health plans with narrow hospital and physician networks offered premiums 16 percent less expensive than plans with broad networks, according to a recent study published in Health Affairs.
Baltimore-based Evergreen Health, one of 23 nonprofit health plans created under the ACA, will be liquidated by the end of September, The Baltimore Sun reports.