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Illinois Medicaid companies rake in record profits from pandemic

The for-profit insurance companies running Illinois Medicaid collected hundreds of millions of dollars in extra profits during the COVID-19 pandemic — much of it for services never provided to patients, ....

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From Better Government Association: Illinois Medicaid companies rake In record profits from pandemic Capitolnewsillinois.com

By DAVID JACKSON
Better Government Association

The for-profit insurance companies running Illinois Medicaid collected hundreds of millions of. ....

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Illinois Medicaid Companies Rake In Record Profits From Pandemic

In a followup email earlier this month, Eagleson’s top spokeswoman said, “purely as a snapshot in time, initial incomplete figures indicate HFS would recoup over $120 million” from the insurance firms for calendar year 2020. Those funds will come through a program called a “risk corridor” that reallocates money if the companies exceed or fall short of targets for medical care.
“Illinois was one of the first states in the country to implement risk corridors during the pandemic to further restrict possible profit margins,” said Jamie Munks, Eagleson’s spokeswoman. “We will recoup more from the health plans than we otherwise would have.” ....

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