Aetna settlement nearing final stages of completion

The plan's chief medical officer looks forward to physician-health plan interaction in the post-settlement era.

By Tanya Albert, AMNews staff. Nov. 3, 2003.  SEE UPDATE

Not long after a federal judge in Miami knows how the Florida Marlins fared in the World Series, physicians should know whether they have final approval on their settlement with Aetna over its business practices.

At an Oct. 14 final hearing on the $170 million deal between the nation's physicians and one of the nation's largest health insurers, U.S. District Court Judge Federico Moreno delayed his final decision. He jokingly said the ruling likely would come after the World Series, especially if his home-team Florida Marlins made the series. At the time, they were battling the Chicago Cubs for the National League Championship. Moreno said he would take the time to review a number of objections filed before the hearing, including a concern that physicians don't know the exact value of the case.

The judge already has given the agreement preliminary approval, and lawyers involved in the settlement expect that he will give his final stamp of approval after he reviews the objections. A ruling could come by Oct. 27.

"I'm optimistic that Judge Moreno will approve the settlement and it will move on," said Birmingham, Ala., attorney Archie Lamb Jr., co-lead counsel for the physicians. "We rebutted every single point."

In addition, only 13,000 physicians opted out of the class. That is less than 2% of the class if it is 700,000 physicians, as originally believed. The opt-outs become less than that if the class is the 950,000 doctors that some now estimate it will be when retired physicians are factored in.