The nation's largest pension fund and health insurer WellPoint Inc. (WLP) cut medical costs 19 percent by capping the price of some surgeries, in the latest sign payers are taking a tougher line against rising hospital claims. The California Public Employees Retirement System saved $5.5 million under a pilot project it started with WellPoint in 2011, according to a study released by the Indianapolis-based insurer yesterday at a Baltimore health conference. Retirees proved at least as healthy as those who didn't opt for the lower-cost procedures, WellPoint said.
