Word: receivership
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...While Harvard Pilgrim has been working under the current business plan, it has been able to build up $200 million in cash reserves and pay off another $200 million that it owed to hospitals and doctors. Since the HMO came under state control, a process known as receivership, insured participants in the plan have continued to received health care unaffected by the financial problems...
...past two months under receivership have been the best two months Harvard Pilgrim Health has had in several years," Reilly said. "We have decided to stay the course with Harvard Pilgrim Health, and cut no deals with anyone...
HPHC is not the only HMO that has been facing financial losses this year, but it is the only one which has been put in state receivership. The other institutions expect to see a turnaround in their finances during the fiscal year 2000, something HPHC predicts if it receives the necessary infusion of cash. The longer the HMO remains in state receivership, the slower its eventual recovery will...
Harvard Pilgrim Health Care (HPHC), Massachusetts' largest health management organization (HMO), has been in desperate straits since last month when the state placed it under receivership for its huge losses in the fiscal year 1999. Now HPHC is waiting to hear whether the necessary investors can be cajoled into bailing out the non-profit HMO. One of those investors is Harvard University...
While the plan was proposed by the university, Reilly will ultimately decide the details of its adaptation because the state holds the HMO--Massachusetts's fifth largest--in receivership...