Cigna Corp. buys Sagamore Health Network

Seems like there should be a larger gain in income, as far as I have heard from my friends, Cigna tries not to pay any of their claims! Buying back the 6.5 million shares accounts for some loss in income, is that right?

One terrible insurance company + one terrible insurance company = One really large terrible insurance company. I've had both over the years and both are companies you wouldn't even wish upon anyone. Both have serious problems paying claims and terrible customer service. I can't begin to imagine how the two of them together are good idea.

That figures!! Sagamore was a good insurance company that usually paid their claims on time and paid correctly. You actually get to talk to someone who speaks clear English when you call with questions. I hope Cigna applies some of Sagamore's customer service practices to their company.

I think Cigna is one of the worst insurance providers that I have ever had. Also, they are the highest in cost.

Buying back shares should not result in less income (maybe some small fees). Rather, it should increase EPS since there are less shares outstanding to spread the net income over.

Working in precertification for Riley Hospital, I feel sorry for anyone that is losing their Sagamore network to Cigna. Neither is great but if I had to pick the lesser of two evils, I would choose the Sagamore network. I never have to jump through hoops with insurance companies under the Sagamore network but Cigna...well, I definitely get my fill with them. I have had their precert nurses ask me to explain a procedure to them because they don't know what it is. This is going to be one of those "wait and see" deals to see if anything really good comes out of it.

I had Cigna in a previous job and their coverage with a) very stingy and b) a complete joke. My condolences to those who have been swallowed up to "create new synergies."

Sagamore has been a good insurance provider. The only way will be downhill, I'm sure. Can't wait until they start laying-off people due to duplication of services, so they can squeeze more profits out of this company. Isn't that what it's all about today, PROFITS!!! Who cares anything about the customer, anymore!

1st Off, Sagamore IS NOT an insurance company. They are a price negoiator for insurance companies. CIGNA is a nighmare to work with. I've been in the insurance business over 20 years and they are not consumer friendly by any means. They are loosing money thus the need to buy the largest fee-based company (Sagamore) in the state. CIGNA can't play equally with the others, so now they own the discount company earning fee's for every other insurance companies members! The insurance companies pay a user fee to companies like Sagamore. Therefore, CIGNA will be earning these fee's for owning Sagamore. I wonder how many insurance companies will drop Sagamore Health Network as their discount provider once this news hits the streets!

Upset wrote:

1st Off, Sagamore IS NOT an insurance company. They are a price negoiator for insurance companies. CIGNA is a nighmare to work with. I've been in the insurance business over 20 years and they are not consumer friendly by any means. They are loosing money thus the need to buy the largest fee-based company (Sagamore) in the state. CIGNA can't play equally with the others, so now they own the discount company earning fee's for every other insurance companies members! The insurance companies pay a user fee to companies like Sagamore. Therefore, CIGNA will be earning these fee's for owning Sagamore. I wonder how many insurance companies will drop Sagamore Health Network as their discount provider once this news hits the streets!

"I wonder how many insurance companies will drop Sagamore Health Network as their discount provider once this news hits the streets" - I'D SAY ALL OF THEM WILL.

NOT GOOD NEWS FOR THOSE OF US ON THE PROVIDER SIDE. CIGNA CLAIMS PROCESSING IS A NIGHTMARE, AND REIMBURSEMENT IS A JOKE.

Sagamore was a Catholic initiative/St. V. A lot of folks did not feel good about giving the competition the business. CIGNA made a good buy. Now the question is will anyone buy CIGNA? Likely. If for no other reason to go against Anthem/Wellpoint.
Also, folks often complain about the insurer, but never complain to their employer (assuming that's where one is getting insurance). Complain to your employer.

It's my knowledge that Sagamore will not be changing any of their current day to day functions as a "Health Network" (they are not, nor have they ever been an insurance company). Sagamore provides claims repricing (applying negotiated discounts to claims for payors such as Cigna) and medical management to providers. This will all remain as well as their current staff including the excellent customer service and claims processing they offer. Sagamore is the largest and one of the best networks in the state, if not the midwest, and I'm positive that in this merger, the powers that be would do nothing to risk their name and reputation. Sagamore and Cigna both will benefit from this as well as the providers in Indiana and most importantly the insured people of this state.

Very few insurance companies or worth much of anything to the average person anymore except for some protection in the event of a major crisis. I dropped out of all of these networks several years ago. I can now provide a better service to more people at a lower cost. In the long run people actually pay less by coming to me and paying cash than going to someone in their network. Capitalism works if we let it. If the democrats succeed in passing national healthcare we will definitely be in trouble. As bad as these insurance companies are the government will have to be worse. I only deal with medicare because I have to by law and it is a nightmare.

No More wrote:

Also, folks often complain about the insurer, but never complain to their employer (assuming that's where one is getting insurance). Complain to your employer.

Let me second that notion. Employers provide insurance to employees and will pick the one that is the least costly. BUT if enough ee's complain about it, they might (small chance, but might) pick a different plan or network or insurance. If you have problems with your insurance carrier, dont bitch to the doctor. Bitch to HR - they are the ones paying the bill - and now that more and more of them are passing bill onto the employee, you better have a voice in who they are sticking you with.

Ooops!

substitute complain for b i t ch

doc wrote:

Very few insurance companies or worth much of anything to the average person anymore except for some protection in the event of a major crisis. I dropped out of all of these networks several years ago. I can now provide a better service to more people at a lower cost. In the long run people actually pay less by coming to me and paying cash than going to someone in their network. Capitalism works if we let it. If the democrats succeed in passing national healthcare we will definitely be in trouble. As bad as these insurance companies are the government will have to be worse. I only deal with medicare because I have to by law and it is a nightmare.

You say you offer patients a better deal by paying cash rather than wasting money on insurance premiums? Assuming you are a family physician, what happens when your patient comes to you and has a lump in her breast? That cheap cash office visit now turns into $50,000 in surgery and treatment at the hospital. What does this person do now without coverage? I'd rather have $100 deducted from each pay check than be sued by the hospital and then have my wages garnished at 60% for this medical bill that cost more than a house.

Everone wants low copays and deductibles but they don't realize that the lower the out of pocket you pay for services, the higher the premium is. Healthcare is totally out of control and someone somewhere needs to find a way to control costs. Drugs prices are totally out of hand, hospitals want you to sign your life away before they will treat you, and drug executives and doctors are driving their Mercedes and living in their million dollar homes while refusing to treat a sick person unless they know for sure they will get money for it. What happened to actually caring for human life and doctors wanting to help sick people rather than send them away because they don't have the cash or the coverage for it? Why does it cost nearly $200 to see my family physician for sinus infection? Why does a simple antibiotic cost nearly $100 at the drugstore?

The doctors office is a joke as it is....you wait 3 weeks to get in, once you do you sit there two hours past your scheduled time to be put in a room by a nurse where you wait another 45 minutes to see the doctor for a total of three minutes and then a bill for $200 is generated. Gee wonder why insurance costs so much.

know your stuff wrote:

It's my knowledge that Sagamore will not be changing any of their current day to day functions as a "Health Network" (they are not, nor have they ever been an insurance company). Sagamore provides claims repricing (applying negotiated discounts to claims for payors such as Cigna) and medical management to providers. This will all remain as well as their current staff including the excellent customer service and claims processing they offer. Sagamore is the largest and one of the best networks in the state, if not the midwest, and I'm positive that in this merger, the powers that be would do nothing to risk their name and reputation. Sagamore and Cigna both will benefit from this as well as the providers in Indiana and most importantly the insured people of this state.

So you are saying that Jen, for example, does not have health insurance? Instead she has a health network. Just a play with semantics.

John Doe wrote:

<quoted text>
So you are saying that Jen, for example, does not have health insurance? Instead she has a health network. Just a play with semantics.

"Jen" needs to take a look at her insurance card. I'm sure it says Sagamore on it or has the Sagamore logo but her actual insurance company is someone else. Sagamore contracts providers and negotiates discounts if they join their network. Sagamore then partners with insurance companies such as Cigna, United, Advantage...whatever to offer their providers and discounted rates to them. Everyone thinks they have "Sagaomre" because that name is so huge in this state. In reality they only utilize the Sagamore Network of providers thru whomever they may have for an actual insurance carrier.

The Ciga CEO is incorrect. It does not give them "access" to 300,000 of Sagamore's membership. Those members are owned by other insurance company's and TPA's. Very poor wording.

I have Sagamore now (as I work for a school system now) I have no complaints compared to what I had with Anthem as far as premiums Sagamore is much better. I've always had good service with Sagamore's customer service and the payment of claims has always been faster and more accurate than Anthem.