From Free Beacon:
The Illinois Department of Insuranceannounced this week that it was requesting an order of rehabilitation for the state’s Land of Lincoln Health co-op because of its unsustainable financial position. The co-op was originally awarded $160.2 million by CMS.
This closing announcement has brought the number of failed co-ops from 15, which was reported earlier this week, to 16.
Kevin Counihan, a top official for the Centers for Medicare and Medicaid services, told lawmakers on Wednesday that of the seven co-ops that are still in operation, six have been placed on corrective action plans. Co-ops are flagged for these plans when the agency has identified issues with the co-ops finances, operations, compliance or management processes.