CVS’ Acquisition of Aetna Takes a Turn: CA Investigating Aetna

CVS’ Acquisition of Aetna Takes a Turn: CA Investigating Aetna

CVS is awaiting federal approval for its acquisition of Aetna — a $69 billion deal, but a story broken by CNN adds a twist.

CNN reports that “California's insurance commissioner has launched an investigation into Aetna after learning a former medical director for the insurer admitted under oath he never looked at patients' records when deciding whether to approve or deny care.”

The massive deal needs approval from both the U.S. Justice Department and the Federal Trade Commission.

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“California Insurance Commissioner Dave Jones expressed outrage after CNN showed him a transcript of the testimony and said his office is looking into how widespread the practice is within Aetna.’If the health insurer is making decisions to deny coverage without a physician actually ever reviewing medical records, that's of significant concern to me as insurance commissioner in California -- and potentially a violation of law,’ said Jones,” according to CNN.

CVS refused to comment on Sunday night.

See the overview of the Aetna and CVS deal below.