Budgeting
"We expect benefit levels, planned stability and choice for seniors to be negatively impacted by the final MA rate notice," says CEO Bruce Broussard.
Layoffs are affecting nonclinical, non-member-facing administrative staff through attrition, closing of open positions and reducing redundancies.
CMS is setting fixed payments and is closing loopholes that result in commissions above this amount.
The American Hospital Association took issue with the report, saying the methodology is flawed.
CBO fielded questions from lawmakers ranging from AI and machine learning to healthcare consolidation and transparency.
An average of 3.2% of all claims denied include those that are preapproved via the prior authorization process.
The organization attributes the results to its insurance business units, notably Highmark Health Plans and HM Insurance Group.
Eighty four percent of health systems cite lower reimbursement from payers as a top cause of low operating margins.
The percentage of America's rural hospitals operating in the red jumped from 43% to 50% in the last 12 months, the biggest leap yet.
The company said it plans to use the funding to help expedite its product roadmap and advance AI foundation models for medicine.