"PEIA will still be considered in-network," CAMC spokesman Dale Witte said Wednesday.
PEIA members are insured under a different contract than other Humana customers, according to the company's statement. In the PEIA contract, members do not pay more if they choose to receive services from out-of-network providers.
Witte said CAMC would continue to negotiate its contract with Humana, however, and could still reach an agreement.
"We're always hopeful," he said.
If the hospital system does not reconcile with Humana, patients receiving treatment at CAMC would have to transition their care to another hospital. Ramsey said it would be up to Humana to help patients switch services.
"Most of the (insurance) companies are very understanding of the situation patients are in," he said.
Witte told the Daily Mail on Tuesday the hospital system notified Humana in September it might terminate its contract. He said CAMC began talks with Humana in September so patients would have time to switch Medicare plans if they wanted to.
The open enrollment period for Medicare Advantage plans opened last week and closes at midnight Dec. 7. Once that deadline passes, patients are locked into their chosen Medicare Advantage plans until enrollment reopens next year.
Also at Wednesday's meeting, CAMC chief financial officer Larry Hudson announced the hospital lost more than $4 million in net revenue in September due to a nursing shortage.
Hospital admissions decreased by 9 percent last month. Hudson said the hospital system closed, on average, 45 beds each day among its three hospitals because there was not enough staff to cover them. CAMC Memorial Hospital alone closed an average of 25 beds each day in September.
In addition to the net revenue loss, CAMC's salary and wage expenses were $1 million over budget for September because of the nursing shortage. Hudson told board members the hospital did not reduce staffing fast enough when admissions dropped.
Ramsey said the hospital is not sure why the nursing shortage occurred but said it should end soon.
A recent class of about 120 nursing graduates will complete the hospital's orientation program in the next few weeks and will join the hospital's staff of full-time nurses. CAMC employs about 1,300 nurses.
"We don't want to give the impression people coming to the hospital won't have adequate nursing care. That's why we close the beds," Ramsey said.