PEORIA (WEEK) -- OSF HealthCare recently announced it would terminate its agreement with Meridian and that the health insurance provider owes OSF "millions of dollars."

Now, Meridian says they are working with OSF on terms for a new contract and is "hopeful than an agreement will be reached," according to a press release sent Tuesday by Meridian.

"In the meantime, our members continuity of care remains our number-one priority. In the event we are unable to reach an agreement, we have a comprehensive process in place to transition our members to alternative providers within the MeridianHealth network," according to the release.

On Monday, OSF said Meridian owes millions of dollars to the Peoria-based health care provider "millions of dollars for outstanding claims for services provided over the past five years."

OSF's notice of termination said the agreement would end December 15.

We are unfortunately at a standstill with Meridian because for years they have failed to honor the most basic components of our agreement and will not come forward to resolve outstanding accounts, said Randy Billings, OSF HealthCare senior vice president of population health in the press release by OSF Monday. We are concerned for Meridian members, which is why we contacted the Illinois Department of Healthcare and Family Services and Meridian members to make them aware of the situation.

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Meridian 'hopeful' agreement can be reached with OSF HealthCare - week.com