Independence Blue Cross to Pay $22.5M to Resolve False Claims Act Allegations
Independence Blue Cross (IBX), an insurance company incorporated under the laws of Pennsylvania, has agreed to pay $22.5 million to resolve allegations that it violated the False Claims Act by failing to withdraw inaccurate and untruthful diagnosis codes for its Medicare Advantage Plan enrollees in order to improperly retain overpayments from Medicare.
What happened
Independence Blue Cross (IBX), an insurance company incorporated under the laws of Pennsylvania, has agreed to pay $22.5 million to resolve allegations that it violated the False Claims Act by failing to withdraw inaccurate and untruthful diagnosis codes for its Medicare Advantage Plan enrollees in order to improperly retain overpayments from Medicare.
Why it matters
The development may change operating conditions or market expectations around Regulation. Further confirmation and measurable outcomes matter.
Affected entities
View evidence
1 reports · 1 original report · 1 independent
- U.S. Department of JusticePrimary source · Supports · EN · 100%Independence Blue Cross to Pay $22.5M to Resolve False Claims Act Allegations ↗
Claims
- Independence Blue Cross to Pay $22.5M to Resolve False Claims Act Allegations Observed
Conflicts
No material conflict detected in the available evidence.
Timeline
- First reported
Market move following event
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