This time not firing doctors, but going out of business being $30 million in the hole. It’s a pretty good size membership too of 39,000 that have to scramble and find new doctors. CMS is said to be notifying enrollees of options. Nothing mentioned on the website yet. California also had to close down a CA even a bigger insurer in Alameda County that covered 200,000 members, mostly Medi-Cal patients here though, but same issue, money or lack thereof. BD
A Medicare Advantage plan that abruptly dumped a popular Tampa Bay area medical practice and sent consumers scrambling for new doctors recently is shutting down entirely at the end of the month after a judge determined that it is insolvent.
Physicians United Plan will be liquidated on July 1 under the order signed by a Leon County judge earlier this week. The Orlando-based plan — which has about 39,000 members statewide, including 1,200 in the Tampa Bay area — was running a $13 million deficit, according to court records.
In April, the company's board of directors said it needed a $30 million infusion of capital to avoid being placed in state receivership. That money never came.
The Florida Department of Financial Services will oversee the company's dismantling. The Centers for Medicare & Medicaid Services should begin notifying enrollees of their options in coming days.
Physicians United had about 250 employees in the Orlando area, according to the Orlando Business Journal, which two years ago reported that the company was on a "growth spurt," expanding its work force and its office space.
The company's real estate arrangements appear to be part of its problem.