May 8, 2021

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

, Remdesivir rate volatility leads to insurance claim rejections, The World Live Breaking News Coverage & Updates IN ENGLISH

Remdesivir rate volatility leads to insurance claim rejections

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, Remdesivir rate volatility leads to insurance claim rejections, The World Live Breaking News Coverage & Updates IN ENGLISH

CHENNAI: Huge variations in the prices of Remdesivir — a crucial drug in the treatment of severe cases of Covid — have resulted in a large increase in insurance claim rejections and also black-listing of hospitals by insurance companies.
With Covid infections hitting a new high every day, there is a shortage of the antiviral Remdesivir. This is leading to emergency purchases of higherpriced drugs. As a result, insurers are now rejecting many more claims for cashless treatment than they used to earlier.
General insurance companies like Bajaj Allianz, Star Health and Max Bupa say the rejection rate of Covid claims have gone up from 2-3% last year to as high as 9%. Insurers have called for price controls for commonly used pharmaceutical products like anti-virals and anti-biotics on a war footing.
Star Health and Allied Insurance is blacklisting a growing number of hospitals for pricegouging, its MD S Prakash said. “The MRP of important Covid drugs like Remdesivir is quoted differently by different hospitals, resulting in retail prices that are five-six times higher.
Prakash said, “We know the true cost and the MRP of Remdesivir by the same company is fixed differently for different hospitals, although the cost price is the same. The hospital with higher infrastructure fixes a higher MRP on these drugs and could go as high as 5x-6x from its original retail price.” Insurers say that some unscrupulous providers are pushing patients into intensive care even when there is no requirement.

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