Chartered Health Plan, the largest healthcare manager for lower income people, has had several processes questioned.
District regulators in D.C. have released their latest insurance news, which has revealed that they have taken over control of the largest healthcare manager for low income residents in the city, Chartered Health Plan, following a number of concerns regarding “irregularities” among their finances.
This is only one of many struggles that have been faced by the company, of late.
The owner of the company, businessman Jeffrey E. Thompson, has undergone a number of different challenges over the last while, including his implication of the funding of a $650,000 “shadow campaign” for the election of Mayor Vincent C. Gray (D).
The insurance news came from the overseeing District agency.
The agency makes insurance news as it is responsible for the promotion and granting of preference to local D.C. contracting businesses would gain the authority to enforce non-compliance violations under Mayor Vincent C. Gray’s most recent reform effort.
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Last Tuesday, the board of directors at Chartered Health Plan voted in support of the deal after having been pressured to do so from D.C. officials. Moreover, on Friday, a Superior Court judge from D.C. also signed off on the deal. This grew the insurance news to place William P. White, the commissioner for the city, in charge of Chartered. White will now be looking for a buyer for the firm, which is currently serving approximately 110,000 city residents who are eligible for Medicaid.
According to White, “This is something that was necessary to do.” He feels that it would best serve the company to place the company into receivership, and that this will help the plan to be able to rebuild itself. In the meantime, it will continue to operate.
Since the year 2000, Thompson has had sole ownership over the company, and he will continue this position throughout the firm’s receivership. It was under Thompson’s control that the company rose to the top position for government-subsidized health programs in the city. Last year, Chartered had brought in $355 million in D.C. However, the company continues a complete reliance on city contracts for its business. Since 2008, it made insurance news with a growing amount of scrutiny.