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CNN LIVE AT DAYBREAK

Aetna Settlement

Aired May 22, 2003 - 06:16   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. A health insurance giant reaches a settlement with doctors which may also affect patients.
Let's get details on that from Susan Lisovicz live in New York.

So, Susan, will this be good for the patients?

SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: Yes, I think so, because under the terms of the settlement, Carol, it's going to change the way perhaps medical necessity is defined. And you know what that can mean between the doctor and the health insurer and the patient, sometimes that is a part time job in itself.

But the details are is that it's a doozy of a settlement involving not only one of the nation's biggest health insurers but almost all of the nation's physicians. The health insurer in this case is Aetna. And according to published reports, it will pay $470 million as part of the settlement and change the way it reimburses doctors and considers their treatment recommendations.

Aetna is the first company to settle the suit, which was brought against some of the nation's biggest health care companies, including United Health Care, Humana, WellPoint, Health Networks and others. The suit alleges that those companies used their power to force doctors into unfavorable contracts and use pay schemes designed to reduce the amount of care such as tests and referrals to specialists. According to reports, Aetna will not admit any wrongdoing under the settlement -- Carol.

COSTELLO: A quick look at the futures -- Susan.

LISOVICZ: Higher. Stocks ended mixed yesterday after looking for direction much of the session. Federal Reserve Chairman Alan Greenspan's guarded comments about the health of the economy, along with that heightened terror alert, kept many investors on edge. The Dow industrials gained a third of a percent. The Nasdaq was little changed, but it ended that three-day losing streak which is a good thing -- Carol.

COSTELLO: OK, we'll check back with you later. Susan Lisovicz live in New York.

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