Aetna Announces Settlement of
Class Action Lawsuit
HARTFORD, Conn. &
MIAMI--(BUSINESS WIRE)--Oct. 24, 2003--
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Federal Court Approves Historic Agreement between Aetna
and Doctors; Transparency and Business Practice
Improvements Highlight "New Era of Cooperation" |
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A U.S. Federal Court today approved an historic agreement
between Aetna (NYSE: AET) and representatives of nearly 1
million doctors. The ruling, issued today by Judge Federico
Moreno of the U.S. District Court for the Southern District of
Florida (Miami), settles a national class action that has been
pending before the Court for more than three years. Today's
ruling affirms the significance of Aetna's agreement, noting,
"the benefits available directly to the Class represent an
excellent result...."
"The Court's decision to ratify this industry-leading
agreement endorses a new era of cooperation between Aetna and
physicians," said John W. Rowe, M.D., Aetna chairman and CEO.
"Our ongoing business practice initiatives and heightened
levels of transparency will give physicians and their office
staffs more time to focus on their central mission - providing
health care to patients. This agreement will reduce
administrative complexity and lead to changes in the health
care system that will ultimately benefit patients."
"From this day forward physicians and their patients will
find it much easier to navigate what was unfortunately a
hostile and complex managed care system," said Tim Norbeck,
executive director of the Connecticut State Medical Society.
"Today's finalization of Aetna's agreement with physicians is
the first important step toward making the health care system
more responsive to physicians and their patients and we intend
to build on this step."
"Our physicians are extremely pleased with today's result,"
noted Catherine Hanson, vice president and General Counsel of
the California Medical Association. "Working together we have
taken a great step forward for the benefit of everyone
involved in the health care delivery system."
Details of the agreement, including provisions and a
progress report on business practice and other initiatives are
available at
www.aetna.com/legal_issues/suits/agreement.html.
Aetna is one of the nation's leading providers of heath
care, dental, pharmacy, group life, disability and long-term
care products, serving more than 13 million medical members,
11.3 million dental members and 11.7 million group insurance
customers, as of June 30, 2003. The company has expansive
nationwide networks of more than 579,000 health care services
providers, including nearly 349,000 primary care and
specialist physicians, and 3,589 hospitals. For more
information about Aetna, please visit the company's web site
at
www.aetna.com.
The Connecticut State Medical Society (CSMS) is a
federation of eight component county medical associations,
with a total membership exceeding 7,000 physicians. CSMS
itself is a constituent state entity of the American Medical
Association. Founded by the physician-patriots of the American
Revolution, the Society operates from a heritage of democratic
principles embodied in its Charter and Bylaws.
The California Medical Association is the professional
organization of 35,000 California physicians, representing all
modes of practice and specialties. |