July 24, 2004 |
California Insurance Commissioner John Garamendi on Friday blocked part of Anthem Inc.'s planned acquisition of WellPoint Health Networks Inc., a move that could stall the entire $17.5-billion deal. Garamendi's rejection came only hours after the state Department of Managed Health Care cleared the way for Anthem to acquire WellPoint's Blue Cross of California operation, which represents 90% of the Thousand Oaks-based company's business in the state.
July 10, 2004 |
State regulators, after a hearing Friday that was demanded by consumer advocates, said they hoped to rule in the next few weeks on the proposed sale of WellPoint Health Networks Inc. and its Blue Cross of California subsidiary. Officials at the Department of Managed Health Care said they would evaluate widespread complaints about the $17-billion deal before issuing a final decision on Indianapolis-based Anthem Inc.'s bid to buy the Thousand Oaks healthcare provider.
July 8, 2004 |
Consumer advocates criticized the proposed sale of WellPoint Health Networks Inc. on Wednesday, saying its Blue Cross of California unit enjoyed a unique and unfair loophole that allowed it to pay lower taxes than rival health plans. Indianapolis-based Anthem Inc. plans to buy WellPoint for about $17 billion, which would create the nation's largest health insurance company.
June 29, 2004 |
The $16.4-billion purchase of WellPoint Health Networks Inc. by Anthem Inc. was approved Monday by shareholders of both companies, setting the stage for a union that would create the nation's largest health insurer. The acquisition still needs the OK of regulators in California, where the deal has been embroiled in controversy over a potential $600 million in cash bonuses and stock options that could be paid to nearly 300 executives of Thousand Oaks-based WellPoint.
June 26, 2004 |
State Insurance Commissioner John Garamendi said Friday that he wouldn't support Anthem Inc.'s $16-billion acquisition of the parent of Blue Cross of California unless the Indiana company spends hundreds of millions of dollars on healthcare programs for California's poor. At a hearing on the transaction in Los Angeles, Garamendi said that without such an investment, Anthem's purchase of Thousand Oaks-based WellPoint Health Systems Inc. offered no benefit to Californians.
June 10, 2004 |
Insurance Commissioner John Garamendi said Wednesday that an acquisition that would affect millions of Blue Cross of California customers "is not in the best interest" of the state and indicated that he might withhold his approval. Garamendi doesn't have the ability to block the proposed $15.5-billion purchase by Anthem Inc. of WellPoint Health Networks Inc., which runs Blue Cross of California.
May 26, 2004
When an obscure group of economists and health consultants led by Paul Ellwood and Alain Enthoven pioneered managed care in the early 1970s, they warned that the free market would be able to hammer down health costs only if the government set basic ground rules to ensure vigorous competition.
May 21, 2004 |
Democratic Assembly leaders Thursday ordered a public hearing to scrutinize the sale of Blue Cross of California to an Indiana company after learning that state regulators were set to approve the merger behind closed doors. In the past, state regulators have held public hearings on health company mergers to see if consumers were being protected and the law was being followed. The state Department of Managed Health Care, however, is nearing a decision on Anthem Inc.'s proposed $15.
December 16, 2003 |
A Senate panel investigating alleged unnecessary heart surgeries at hospitals owned by financially troubled Tenet Healthcare Corp. on Monday moved to compel Blue Cross of California to provide its study of the surgeries and related documents. The Senate Finance Committee issued a subpoena to Blue Cross, which recently stopped covering bypass surgeries at a Tenet-owned hospital in Modesto and threatened to cut all ties with it unless the hospital improved care.
November 22, 2003 |
Blue Cross of California backed away from its plan to cancel a contract with a Tenet Healthcare Corp.'s hospital that the insurer had accused of performing unnecessary heart procedures. Blue Cross of California, owned by WellPoint Health Networks Inc. of Thousand Oaks, previously said it would terminate its contract with Doctors Medical Center of Modesto on Nov. 30.