Latest news with #Veno
Yahoo
15-05-2025
- Health
- Yahoo
With hospitals at risk, Mass. eyes lifeline for broke insurer covering 460K public employees
Editor's note: Story was updated Thursday afternoon to include a statement from GIC. Amid fears of 'serious financial consequences,' Massachusetts is working to create a lifeline for a Massachusetts agency that oversees health insurance for 460,000 public employees, retirees and their dependents after it could not continue to pay providers. In January, state Group Insurance Commission (GIC) Executive Director Matthew Veno had flagged the agency's budget shortfalls as a concern. 'This is the largest variance that we've seen in at least a decade, and this is consistent across all of our plans, and is driven primarily by rising provider prices and a couple of other topics,' he said at the time. 'We don't know where this is going to head. My concern is that it is a persistent and steady trend going forward.' Then in April, Veno said rising provider prices and increased utilization of prescription benefits, including for GLP-1 weight loss drugs, had caused the commission to run an average $20 million monthly deficit this fiscal year. Massachusetts Health & Hospital Association (MHA) said it was 'unacceptable' for the insurance agency to have a lack of backup options and claims the disruption in payments 'will undoubtedly result in serious financial consequences.' Read more: Mass. health insurance companies directed to limit growth of deductibles, copays Mercy Medical Center in Springfield said it 'is not in a financial position to absorb budget shortfalls of the state Massachusetts Group Insurance Commission.' 'While we appreciate the financial situation of the GIC, we join them in advocating for funding to resolve its budget deficiency that will not further exacerbate the financial condition of healthcare providers,' the statement continued. But the Massachusetts Legislature didn't act before GIC officially ran out of money on Monday. All claims have remained pending since then. The commission had been counting on a $237 million appropriation request before the Legislature. The appropriation was the largest single request in a $756 million short-term spending bill Gov. Maura Healey filed in early April. However, in an email sent to providers earlier this month, the GIC warned that it 'does not know how soon the legislature will pass the bill and when the GIC will receive the requested funds.' The claims will remain pending until GIC receives the additional funds or until July 1. This week, Massachusetts began moving forward on the requested funds. The House advanced a $240 supplemental budget for the agency on Monday. And the Senate passed it on Thursday. 'Ensuring that the hundreds of thousands of public employees and their loved ones have access to health insurance is one of our most important responsibilities,' said Senate President Karen E. Spilka, D-Middlesex/Norfolk. Now it is set for Healey's desk. 'The GIC is grateful to the House and Senate for passing the Governor's supplemental budget request. We look forward to lifting the hold on claims payments and promptly resuming payment of pended claims following the Governor's signature of the legislation,' GIC said in a statement to MassLive. 'We appreciate the patience of plans and providers as we worked toward resolution in a way that would minimally impact our members.' But this isn't unique to GIC. 'The Group Insurance Commission is facing a challenge that is not unique to any insurer, as pharmaceutical usage is going up and the costs of drugs are rising at an unsustainable rate,' said Senator Cindy F. Friedman, D-4th Middlesex, the Senate's chair of the Legislature's Joint Committee on Health Care Financing. 'The Senate is actively working on measures to address this larger issue, as well as other cost drivers throughout the health care system, to relieve the pressure on insurers and the premiums that residents in the Commonwealth face,' the Arlington lawmaker continued. 'As we work towards the end goal of stabilizing health care costs, this supplemental funding for the GIC will ensure that our state employees stay covered and healthy.' Mass. health insurance companies directed to limit growth of deductibles, copays 'Unacceptable': Health insurer for 460K Mass. public workers goes broke without backup plan Insurance program for 460,000 Mass. residents runs out of money Monday Read the original article on MassLive.
Yahoo
13-05-2025
- Health
- Yahoo
‘Unacceptable': Health insurer for 460K Mass. public workers goes broke without backup plan
A Massachusetts agency that oversees health insurance for 460,000 public employees, retirees and their dependents is unable to pay providers after running out of money. But a Massachusetts group is calling it 'unacceptable' for the insurance agency to have a lack of backup options. In January, The Group Insurance Commission (GIC) Executive Director Matthew Veno had flagged the agency's budget shortfalls as a concern. 'This is the largest variance that we've seen in at least a decade, and this is consistent across all of our plans, and is driven primarily by rising provider prices and a couple of other topics,' he said at the time. He added, 'We don't know where this is going to head. My concern is that it is a persistent and steady trend going forward.' In April, Veno said rising provider prices and increased utilization of prescription benefits, including for GLP-1 weight loss drugs, had caused the commission to run an average $20 million monthly deficit this fiscal year. With the fiscal year set to end June 30, the commission is counting on taxpayers to cover its deficit and has a $237 million appropriation request pending before the Legislature. The appropriation was the largest single request in a $756 million spending bill Gov. Maura Healey filed in early April. However, in an email sent to providers on Friday, the GIC warned that it 'does not know how soon the legislature will pass the bill and when the GIC will receive the requested funds.' Instead, starting Monday, payment to providers for GIC member claims have been pending. They will remain pending until GIC receives the additional funds or until July 1. The payment delay does not affect any other government programs, such as MassHealth or Medicare, according to the email. The Massachusetts Health & Hospital Association (MHA) claims the disruption in payments 'will undoubtedly result in serious financial consequences.' Other than the bill, the association points out the GIC did not have any other contingency plan to handle the problem despite saying the funding shortfall was a 'concern' since the beginning of the year. Not looking at other options, MHA's Executive Vice President and General Counsel Mike Sroczynski said is 'unacceptable.' 'Massachusetts hospitals and health systems are not in a financial position to assume the budget shortfalls of the GIC program. While we appreciate the financial situation of the GIC, this directive is an unacceptable contingency plan to those challenges. We implore the GIC to seek an immediate, alternative resolution to its budget deficiency that will not further exacerbate the financial condition of healthcare providers,' Sroczynski wrote. Veno said he isn't worried about 2026's budget. In April, commission members asked about whether the GIC might need to adjust its fiscal 2026 budget request to reflect the higher fiscal 2025 costs. Veno said no adjustment is necessary. 'While we have been consistently running a deficiency, it's been pretty consistent. So we were able to build an FY '26 budget that reflects those trends,' he said. State House News Service contributed to this reporting. These surprising names topped the US fastest-growing baby names of 2024 Man dies in fire at his Marlborough home, no working smoke alarms found Lowell man sentenced for trafficking over 11K fake Adderall pills containing meth These are the most popular baby names of 2024: See the list Waymo plans to map Boston area streets using its self-driving vehicles Read the original article on MassLive.
Yahoo
17-04-2025
- Business
- Yahoo
State's health benefits agency running out of money
BOSTON (SHNS) – The state agency that oversees health insurance for 460,000 public employees, retirees and their dependents is on track to run out of money to pay claims on May 12, a full seven weeks before the end of the fiscal year. During a briefing to Group Insurance Commission members Thursday, Executive Director Matthew Veno said rising provider prices and increased utilization of prescription benefits, including for GLP-1 weight loss drugs, had caused the commission to run an average $20 million monthly deficit this fiscal year. With the fiscal year set to end June 30, the commission is counting on taxpayers to cover its deficit and has a $240 million appropriation request pending before the Legislature. The appropriation was the largest single request in a $756 million spending bill Gov. Maura Healey filed in early April. The House Ways and Means Committee released its fiscal 2026 annual budget Wednesday, and Veno expressed hope Thursday that the panel will quickly turn attention to the supplemental budget. He said he was working with Healey's team to make sure lawmakers understand 'the urgency of moving this legislation.' 'What we want to do is avoid disruption to our members, our health plans and to the providers that rely on our prompt payment of claims,' he said. 'And we are likewise in the process of meeting with our health plans to make sure that we're prepared to manage any disruption that may come along our way if there's delayed action.' While predicting timetables for legislative action in Massachusetts is perilous, Veno said he believed that it was 'unlikely that the supplemental budget will not be enacted in a timely manner.' 'But it is certainly a cause on my part for concern and focus since by our current projections and our current appropriation is sufficient to make claims only through the 12th of May 2025,' he added. Commission members had no questions for Veno about the deficit, apart from a Bobbi Kaplan inquiry about whether the GIC might need to adjust its fiscal 2026 budget request to reflect the higher fiscal 2025 costs. Veno said no adjustment is necessary. 'While we have been consistently running a deficiency, it's been pretty consistent. So we were able to build an FY '26 budget that reflects those trends,' he said. There's been steady growth in the major state spending account in recent years, adding pressure in the overall state budget and creating another touchpoint for those who believe stronger action is needed to address health-related costs. The GIC's 'plan premium and costs' are projected at $2.16 billion for fiscal 2025 and Healey requested a $2.4 billion allocation for fiscal 2026, a funding level also recommended by the House Ways and Means Committee. Expenses from the account totaled $1.83 billion in fiscal 2022, according to state finance documents. The GIC provides health insurance to state employees and retirees and their dependents and survivors. It has 280,000 subscribers and 460,000 members. In January, Veno flagged the agency's budget shortfalls as a going concern. 'This is the largest variance that we've seen in at least a decade, and this is consistent across all of our plans, and is driven primarily by rising provider prices and a couple of other topics,' he said at the time. He added, 'We don't know where this is going to head. My concern is that it is a persistent and steady trend going forward.' The agency has a 'good list of candidates' for its open chief financial officer position, Veno said, an the annual enrollment process is 'going smoothly' with policy holders shopping around given increasing premiums. The commission also plans to offer a report in May on out-of-pocket spending trends. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
20-03-2025
- Business
- Yahoo
Savannah Sips: Late Air
SAVANNAH, Ga. (WSAV) – Looking for a light meal and an even lighter atmosphere? Then Late Air on the corner of Bull Street and Victory Drive is just the place for you. What started as a small wine bar on the edge of Savannah has slowly transitioned into a full restaurant bistro that still focuses on the wine. Owner Colin Breland had this to say when asked what it was that made Late Air so special: 'I think the root of what makes us special is the people that work here. The people that have put their individual kind of tonality, taste and perspective into the program that we run. Our staff is really focused on creating an intimate and comfortable high-end experience for our guests.' Breland feels what sets them apart is the wine list that rotates weekly. The bistro feels that the change allows patrons to always get something new while still allowing you to get a clear understanding of what they are going for. For more information on Late Air and its rotating wine list, click here. Tip from the interviewer: If you're a fan of a light snack and a great glass of Veno, I recommend the Apero Hour. It truly does have something for everyone! Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
