Universal Health Care Out
- Thread starter taterpeeler
- Start date
- 1,704
That thought crossed my mind too...they'll force agents to take those courses to keep their renewals. I need to see if any of them qualify for a snp plan.
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Universal Health Care still has a willing buyer with a fat wallet, but its future now lies in the hands of the Department of Financial Services and possibly the court system.
The St. Petersburg-based company, founded and run by Dr. A.K. Desai, has Medicare plans in 19 states, including Florida. Universal also has a Medicaid contract with the state of Florida.
Wednesday afternoon, Florida's Office of Insurance Regulation said it had referred the company to DFS' Division of Rehabilitation and Liquidation. Such a move indicates that the financial reserves dropped to a level below that required by law.
The referral was actually for two sister companies: Universal Health Care Inc. (an HMO) and Universal Health Care Insurance Co. Inc., which markets other types of network-based insurance products. HMOs and other plans are governed under separate state laws.
Desai sent a note saying: "We are working very diligently on multiple fronts to achieve a constructive solution. We are committed to take care of our members and their needs, which is our highest priority."
Meanwhile, Universal's latest suitor -- Dr. Kiran Patel of Tampa -- said he still wants to buy the plan and hopes to continue negotiating with state officials to do so.
"If the sanctity of the patient-doctor relationship is a priority in the minds of regulators -- which it should be -- then the resolution I offer should be appealing," Patel said.
In the past, state officials have been eager to find a buyer for insolvent companies so that those who supply and receive health care can continue to do so seamlessly. Sometimes, when a buyer can't be found, regulators persuade a stable company to take the insolvent plan's members in.
Although it has government contracts to sell Medicare plans in 20 states, it is not clear how many members Universal has left. It is estimated that the number in Florida shrank from a high of about 18,000 to about 13,000, but public documents on the OIR web site do not reflect recent disenrollments.
Patel, who has a history of turning around ailing HMOs, described his plan to buy Universal in a Health News Florida article last week. Complicating his aim, as Tampa Bay Business Journal reported on Tuesday, Bank United has stepped in to take control and hired an investment banker to find a buyer.
Several rounds of layoffs at Universal's headquarters in downtown St. Petersburg have already occurred, and hundreds more employees could be facing a similar fate
The St. Petersburg-based company, founded and run by Dr. A.K. Desai, has Medicare plans in 19 states, including Florida. Universal also has a Medicaid contract with the state of Florida.
Wednesday afternoon, Florida's Office of Insurance Regulation said it had referred the company to DFS' Division of Rehabilitation and Liquidation. Such a move indicates that the financial reserves dropped to a level below that required by law.
The referral was actually for two sister companies: Universal Health Care Inc. (an HMO) and Universal Health Care Insurance Co. Inc., which markets other types of network-based insurance products. HMOs and other plans are governed under separate state laws.
Desai sent a note saying: "We are working very diligently on multiple fronts to achieve a constructive solution. We are committed to take care of our members and their needs, which is our highest priority."
Meanwhile, Universal's latest suitor -- Dr. Kiran Patel of Tampa -- said he still wants to buy the plan and hopes to continue negotiating with state officials to do so.
"If the sanctity of the patient-doctor relationship is a priority in the minds of regulators -- which it should be -- then the resolution I offer should be appealing," Patel said.
In the past, state officials have been eager to find a buyer for insolvent companies so that those who supply and receive health care can continue to do so seamlessly. Sometimes, when a buyer can't be found, regulators persuade a stable company to take the insolvent plan's members in.
Although it has government contracts to sell Medicare plans in 20 states, it is not clear how many members Universal has left. It is estimated that the number in Florida shrank from a high of about 18,000 to about 13,000, but public documents on the OIR web site do not reflect recent disenrollments.
Patel, who has a history of turning around ailing HMOs, described his plan to buy Universal in a Health News Florida article last week. Complicating his aim, as Tampa Bay Business Journal reported on Tuesday, Bank United has stepped in to take control and hired an investment banker to find a buyer.
Several rounds of layoffs at Universal's headquarters in downtown St. Petersburg have already occurred, and hundreds more employees could be facing a similar fate
Everything changes now that thet are Ch 11 (liquidation). Patel can just buy it from the BK court. Does this mean all the agent renewal income gets flushed?
Thankfully I have none.
- 1,704
I pray to God that I get a SEP to re-write my small block of business .
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