- Posted June 12, 2014 by
FEDERAL JUDGE LIQUIDATES A MEDICARE ADVANTAGE PLAN! THOUSANDS OF MEMBERS NO INSURANCE! SURGERIES CANCELLED! HUNDREDS OF EMPLOYEES LOOSE JOB SUDDENLY!! CEO SILENT!
Thousands of members will suddenly loose insurance as of July 1st. Hundreds of employees suddenly unemployed with in a matter of days notice. The CEO, Chairman, directors, and employees were in tears as the news broke. Many employees buckled to their knees as the news struck to the local newspapers that Physicians United Plan ( PUP). The Medicare Advantage Plan was ordered to produced a certain amount of money by June 3 and if not generated but the due date, the judge ordered an automatic liquidation as of July 1st. The CEO has yet to speak to the employees to address this matter, refused to speak to the media. The employees deserve an explanation as to what occurred. The state of Florida cam in to analyze the assets and have take authority over the operation. The state held a meeting to advise the employees as of the next step and instructed that they not shred anything. The CEO stood on the wall and employees were disappointed that he elected to remain silent standing not the wall not offering an explanation. PUP just spent a substantial amount of money to relocate the business to a new facility spending significant amount of upgrades, IPADS and flat screens embedded into the walls and halls are now empty. There are new cubicles that will be auctioned by the state. PUP loved promoting several managers to directors, handing out bonuses and cars frivolously. There was no accountability. Where was the CFO when the company was heading for an excess amount of liabilities? Liabilities exceeding the revenue generated.
There are thousands of members who will suddenly have no insurance or be forced to go back to original Medicare. Many members have their doctors calling them back to cancel their appointments, and cancel life saving surgeries. Each time the company heard rumors that the Medicare Advantage Plan was in financial distress and would be going out of business, the employees would raise concerns and was told that the company is financially sound. The members would hear the same reports and employees were admonished to advise the members that these were simply rumors and not true. PUP was hoping for investors to come in and buy out the company, however deals fell through. Thousands of families are impacted by this disaster that was kept a secret for so long.
Please refer to the Orlando Sentinel for further details. Please feel free to click on the link below.
We need CNN to find answers as this is a time sensitive manner. The state advised employees that if there will be another investor that will offer to buy out the company they have a short amount of time. As of right now, the employees and thousands of members are left with more questions than answers as to how this company was suddenly liquidated.
Powers, S. (Ye2014, June 10). PUP LOOSES THEIR MEDICARE ADVANTAGE PLAN. OrlandoSentinel. Retrieved from http://articles.orlandosentinel.com/2014-06-10/business/os-state-shutting-down-medicare-insurer-20140609_1_medicare-advantage-pup-financial-services