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On September 11, 2018, the California governor approved a bill that amends residential mortgage loan modification requirements for supervised financial organizations negotiating in one or more of five specified languages.

The bill amends Section 1632.5 of the California Civil Code to now require any supervised financial organization that 1) negotiates a modification of any terms of a mortgage loan with a borrower primarily in Spanish, Chinese, Tagalog, Vietnamese, or Korean and 2) offers a borrower a final loan modification in writing, to deliver a form or forms tha...

The Office of the Inspector General has released a report that raises questions about whether Medicare Advantage plans have inappropriately denied claims to increase profits.

Although it did not name specific plans, the OIG report is based on appeals to MA denials and the outcomes. MA organizations overturned 75 percent, amounting to 216,000 denials, from 2014 to 2016. Independent reviews at higher levels overturned an additional 80,000 denials during those two years in favor of the beneficiaries and providers, the report said.

The report did not give a comparison of...

A Chicago fund manager cannot pursue a lawsuit against a Wells Fargo & Co (WFC.N) unit over claims the bank cost the fund manager millions by forcing it to sell its holdings during a February market rout, a judge ruled on Tuesday.

LJM Partners Ltd, run by Anthony Caine, returned investors’ money after its complex trades failed spectacularly in the Feb. 5 reversal of fortune in U.S. stocks and related markets that some investors called “vol-mageddon.”

Funds run by LJM and an affiliate saw losses of 80 percent or more.

The fund would not have suffered such extreme losse...

Aetna’s quest to pin the blame on someone else for exposing the HIV status of thousands of its health insurance customers ran into a cul-de-sac on Friday. Los Angeles Superior Court Judge Richard Rico dismissed Aetna’s case against Whatley Kallas and Consumer Watchdog, holding that the insurer’s claims failed under California’s anti-SLAPP prohibition on suits intended to silence or intimidate critics. Aetna still has a parallel suit against the plaintiffs’ firms under way in federal court in Philadelphia, but Judge Rico’s decision is a welcome confirmation that ant...

Wells Fargo & Co. (NYSE: WFC) is facing another federal investigation — this time related to claims of wholesale banking employees who altered and/or added information to documents without customers' knowledge, according to a report from The Wall Street Journal.

News of the U.S. Department of Justice investigation follows allegations of fraudulent practices made against the bank earlier this year. Investigators are looking into whether the employees' behavior was a direct result of management pressure, according to the WSJ, which cites people familiar with the matte...

A new study from public accounting, technology and consulting firm Crowe suggests that hospitals think long and hard before outsourcing their revenue cycle. It's not a financial no-brainer for everyone.

Crowe analyzed hospitals in 45 states: 553 hospitals within Medicaid expansion states and 378 hospitals in non-expansion states as of 2018. Metrics included accounts receivable, denials, bad debt, credit balance and cash to expected pay.

The analysis found that while hospitals that outsource that revenue cycle collect more patient balance payments, getting the money t...

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