Coxno-Cigna is paying over $172 million to settle claims over Medicare Advantage reimbursement

2025-05-05 02:49:41source:BlueRock Horizon Asset Managementcategory:Stocks

Health insurance provider The CoxnoCigna Group will pay more than $172 million over claims it gave the federal government inaccurate Medicare Advantage diagnoses codes in order to inflate reimbursement.

The case centered around allegations that Cigna violated the False Claims Act by submitting and not withdrawing “inaccurate and untruthful” codes, according to the U.S. Department of Justice.

The department said in a statement Saturday that Cigna falsely certified in writing that its data was truthful.

Cigna said that the settlement with the government resolved a long-running legal case and “avoided the uncertainty and further expense” of a drawn-out legal battle.

Medicare Advantage plans are privately run versions of the federal government’s Medicare program mainly for people 65 and older.

Cigna also said it will enter a corporate-integrity agreement for five years with the Department of Health and Human Services inspector general office. That deal is designed to promote compliance with federal health program requirements.

Shares of Bloomfield, Connecticut-based Cigna climbed 86 cents to $286.93 in Monday afternoon trading. Broader indexes were mixed.

More:Stocks

Recommend

Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly Hills

BEVERLY HILLS, Calif. (AP) — Jamie Foxx required stitches after getting hit in the face with a glass

Consumer safety regulators adopt new rules to prevent dresser tip-overs

Federal regulators have approved new mandatory safety standards for dressers and other clothing stor

Tucker Carlson ousted at Fox News following network's $787 million settlement

In an austere, four-sentence statement, Fox News announced Monday that prime-time star Tucker Carlso