The health reform law is far from perfect, said top officials from Cigna (NYSE: CI) and Aetna (NYSE: AET), but after two years of debate, the industry needs to move forward with clear steps on how to realign their businesses, RxRoundtable reports.
Cigna CEO David Cordani says it's a waste of time to repeal the health reform law. "I don't think it's in our society's best interest to expend energy in repealing the law," he told a conference audience. "Our country expended over a year of sweat equity around the formation of it."
However, Cordani said there is room to do more to further contain healthcare costs, such as expanding more consumer-directed options like health savings accounts and improving the nation's payment system. Cigna also wants more time for companies to implement the medical-loss ratio rules before other major reforms hit in 2014, according to Reuters. "The administration understands the predicament," Cordani said. "A phase-in process will help to minimize the impact."
Aetna President Mark Bertolini echoed Cordani’s sentiments. "We can't go back. We need to keep moving forward," he said. Bertolini added that Republicans' pledge to take steps toward repealing the reform law or withholding funding for it could lead the healthcare industry to "a bad place." A stalemate with a total funding shutdown "would be problematic," he said, according to National Underwriter.
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