Physicians United Plan

Florida Accountable Care Services

The former owners of the now-defunct Physician United Plan have dropped a lawsuit that accused the accountants who worked for the Medicare Advantage plan of hiding its financial woes from state regulators, the Ocala Star-Banner reports.

Florida Accountable Care Services

The majority owners of a now-defunct Medicare Advantage plan say they were duped by the plan’s accountants, the ones they claim are responsible for the company’s collapse, a new federal lawsuit filed in Orlando says.

Dr. Sandeep Bajaj and Dr. Rohini Bajaj claim the national accounting firm McGladrey LLP is responsible for the financial ruin and liquidation of Physicians United Plan Inc., which had served about 50,000 Floridians until the state took over its operations this summer.

Sunday is the final day seniors covered by a now-defunct Medicare Advantage plan can select a different policy.

The state’s Department of Financial Services took over operation of the Physician’s United Plan in early June, when it was more than $13 million in debt and unable to pay many creditors.

  

Mary Shedden / WUSF

Unpaid claims. Coverage Denied. Liquidation.

These are not words you want associated with your health insurance company.

Profits for Florida’s HMOs dropped sharply in 2013, with a nearly 31 percent reduction in combined profits, according to the South Florida Business Journal. The Florida Office of Insurance Regulation reported profits at $933.8 million in 2012 and $648 million in 2013.