News in brief - Oct. 15, 2007

Cigna, PacifiCare pay fines

The Colorado Division of Insurance fined Cigna $400,000 for delaying claims processing and inappropriate denials after a market conduct review of Cigna Healthcare of Colorado and Cigna subsidiary Connecticut General Life Insurance.

The state's review covered a sample of claims from 2005. Company spokeswoman Gloria Barone said the insurer paid the fine immediately after the announcement Sept. 25. "Cigna has already remedied or will soon remedy all of the concerns outlined," she said in a written statement.

Meanwhile, Oregon's Dept. of Consumer and Business Services fined PacifiCare, a UnitedHealthcare company, $34,000 after finding the insurer improperly had denied hundreds of claims and ignored state inquiries.

In an e-mail to AMNews, United spokesman Tyler Mason said, "PacifiCare of Oregon acknowledges the enforcement action on behalf of the Oregon Insurance Division (OID). The $34,000 civil penalty has been paid in full."

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Athenahealth stock soars following IPO

Physician billing manager Athenahealth Inc.'s stock price more than doubled its first day, Sept. 20, on the Nasdaq Global Market.

The stock, priced at $17.50, rose $18 per share to close at $35.50 in its first day.

The Watertown, Mass.-based company, founded in 1997, offers Web-based billing software for physicians' offices.

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