A new executive vice president and seven more Cigna updates since July 27:
1. Cigna delayed the Aug. 13 implementation of its modifier 25 policy to conduct additional review. The reimbursement policy requires the submission of medical records with all evaluation and management claims with CPT 99212-99215 and modifier 25 when a minor procedure is billed.
2. Cigna's specialty pharmacy, Accredo, holds a slight majority in the nation's revenue share, and the four top companies account for 75 percent of the market share, according to the Drug Channels Institute's estimates. Accredo's revenue was approximately $43.5 billion as of July 27.
3. Cigna + Oscar, Cigna's collaboration with Oscar Health providing coverage to small businesses, will expand its insurance network to the Philadelphia area Jan. 1.
4. The Cigna Foundation opened applications for its Health and Well-being program that awards grants to improve access to care and eliminate health disparities, on Aug. 17. The application period will close Sept. 16.
6. In the second quarter of 2022, the company's revenue was $11.3 billion, an increase of 1.7 percent from year over year. Its shareholders' net income for the quarter was $1.6 billion, compared to $1.5 billion for the second quarter of 2021. As of June 30, the company has 17.8 million medical members, adding 725,000 customers this year.
7. The Cigna Foundation awarded $3 million in grants to local nonprofits addressing childhood hunger and mental health issues.
8. Cigna contributed to a $130 million funding round for Alma, a startup providing administrative assistance to independent mental health practitioners.
9. David Brailer, MD, PhD, took on the role of the company's executive vice president and chief health officer.