One confidential CMS presentation dated March 30, 2011, notes that officials had received more than 500 comments expressing "significant resistance" to the RADV audits.
The RADV program's shortcomings, though little known to the public, haven't gone totally unnoticed.
Government officials didn't dispute that the RADV process had taken far too long and yielded way too little.
America's Health Insurance Plans, an industry trade group, argued in a June 2016 position paper that RADV was "not yet stable and reliable," adding that the audits "could disrupt the care being provided by plans that are working hard to meet the needs of their enrollees."
To test the robustness of our results in Tables 4 and 5, we re-examine the relationship between the decline in equity value and the adverse-selection component for the firm by examining the RADV of the spread.
Our results (not reported here) using the RADV as the basis for partitioning the firms are similar to those reported in Tables 4 and 5.