Starting September 1, approximately 35,000 Providence patients with Aetna insurance plans could lose coverage.
According to a release from Providence Swedish, the current contract was negotiated during pre-inflationary times and the sharp increase in cost for drugs, supplies, and labor, and they have been absorbing the costs.
The seven-state health system has seen its supply, drug, and labor costs soar 26% since 2019, according to Providence Swedish.
“Providence is committed to combatting rising costs, yet we cannot do it all on our own,” said Providence CFO Greg Hoffman.
“Our partners also need to be part of the solution. For-profit insurers, like Aetna, continue to reap the benefits of multi-year contracts that do not reflect the current health care landscape, with reimbursement rates substantially lower than the costs to provide care.”
Providence says it has started notifying patients with scheduled appointments of the potential termination, so they can work with Aetna to determine how their insurance coverage is impacted.
Negotiations are ongoing and both sides state they hope to reach an agreement.
Providence’s team of financial counselors is available to talk with Aetna patients about potential assistance with out-of-network costs if an agreement is not reached. Patients can visit https://www.providence.org/obp/or/financial-assistance or call 855-229-6466
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