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Article: Late News.(Lovelace Health Systems; Kaiser Permanente; Sun Healthcare Group; Clarent Hospital Corp.,)(Brief Article)
- Article from:
- Modern Healthcare
- Article date:
- March 4, 2002
CopyrightCOPYRIGHT 2002 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Cigna unit under investigation
Lovelace Health Systems, Albuquerque, a unit of Cigna Corp., is being investigated for possible Medicare cost-reporting fraud from 1990 to 1999. Cigna said the amount under investigation is small, representing about 2% to 6% of Lovelace's annual revenue, or roughly $10 million in 1999, the last year of the inquiry, and the insurer expects no material effect on its balance sheet. Cigna acquired Lovelace, which includes a hospital, physician network and health plan, in 1990. Lovelace is the only healthcare system that Cigna owns and accounted for less than 1% of its parent company's $19.1 billion in 2001 revenue. Cigna, the nation's ...