At first they didn't think they'd have to. Technically the legislature doesn't have direct authority over whether or not the sale goes through. But the way lawmakers were talking before the hearing was starting to make everybody feel back. So, back to the drawing board. For now, anyway.
Hours before regulatory hearings in Baton Rouge were set to begin Wednesday, Blue Cross and Blue Shield of Louisiana officials said they were shelving plans for a controversial $2.5 billion sale to Elevance Health.
In a statement early Wednesday, the Louisiana Department of Insurance said, “Late yesterday evening, Blue Cross notified the LDI that it has chosen to withdraw its Plan of Reorganization. The hearing scheduled for today and tomorrow is therefore canceled."
It’s the second time in less than a year that the Baton Rouge-based nonprofit has tabled its plan to sell itself to the for-profit Elevance, one of the nation’s largest insurers, amid steep opposition from doctors, hospitals, some policyholders and state lawmakers.
I'm sure they'll be back.
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