Aetna, along with parent company CVS Health, has been making headlines with several updates. These include defending a Medicare Advantage plan in court, a non-compete agreement dispute with Cigna, involvement in Medicaid redeterminations, implementation of a Medicare Advantage plan in New York City, growth as a healthcare giant, winning Medicaid managed care contracts in Oklahoma, facing a class action lawsuit, and the transition of Dr. Kyu Rhee to the medical advisory board at Found.
Aetna, the healthcare company, has been making headlines lately. Here are seven important updates about Aetna and its parent company, CVS Health, compiled from reports by Becker’s since June 5.
1. Legal Battle Over Medicare Advantage Plan: Aetna is currently defending a Medicare Advantage plan for retired employees of New York City in court. The city’s mayor, Eric Adams, is overriding attempts to block the implementation of the plan, which is set to benefit 250,000 city retirees.
2. Noncompete Agreement Dispute: CVS Health and Cigna are engaged in a dispute over a noncompete agreement involving an executive named Amy Bricker. Both companies are appealing a federal judge’s decision to grant a preliminary injunction, which prevents Bricker from working for CVS while the lawsuit is ongoing.
3. Retail Pharmacy Giants and Medicaid Redeterminations: CVS Health and Walgreens, two prominent retail pharmacy chains, are actively involved in Medicaid redeterminations. They are conducting outreach and education initiatives across all 50 states to assist customers and employees in understanding the process.
4. CVS Health’s Expansive Growth: CVS Health has transformed from a single store into a healthcare giant. It now operates pharmacies, serves as a major insurer, and manages primary and home care clinics. In 2018, CVS Health acquired Aetna in a $70 billion deal. To learn more about CVS Health and its subsidiaries, here are 50 essential facts to know.
5. Aetna’s Medicaid Managed Care Contracts: Aetna was among the three payers awarded the first Medicaid managed care contracts in Oklahoma. This highlights Aetna’s increasing involvement in managing Medicaid programs.
6. Class Action Lawsuit Allegations: A federal judge in North Carolina certified class-action status on June 5 for a lawsuit accusing Aetna and OptumHealth Care Solutions of conspiring to use “dummy code” to disguise administrative fees as billable medical charges.
7. Dr. Kyu Rhee’s Transition: Dr. Kyu Rhee, formerly the chief medical officer at CVS Health from 2021 until earlier this year, has joined the medical advisory board at Found. Found offers a virtual weight loss program that includes GLP-1 prescriptions.
These updates provide a glimpse into the recent activities and developments involving Aetna and its parent company, CVS Health.
