PolyMedica Explains Medicare Over-Billing, Accrues Reserves For Repayment
This article was originally published in The Gray Sheet
Executive Summary
PolyMedica will seek growth through acquisitions to offset an average 3% reduction in reimbursement rates for its diabetes products that will become effective in 2005 under the recent Medicare law
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PolyMedica settles Medicare over-billing charges
Tentative settlement with the Department of Justice will include a $35 mil. payment and a corporate integrity agreement without admission of wrongdoing, the firm says. The deal follows a three-year DoJ investigation into the company's Medicare billing and claims documentation practices. "It's important to note the agreements are still being negotiated and are subject to approval by the OIG and DoJ," PolyMedica Chairman Samuel Shanaman says in a release. The diabetes and respiratory product firm notes that the U.S. Attorney's Office for the Southern District of Florida "will not bring criminal charges against the company" (1"The Gray Sheet" Feb. 16, 2004, p. 12)...
PolyMedica settles Medicare over-billing charges
Tentative settlement with the Department of Justice will include a $35 mil. payment and a corporate integrity agreement without admission of wrongdoing, the firm says. The deal follows a three-year DoJ investigation into the company's Medicare billing and claims documentation practices. "It's important to note the agreements are still being negotiated and are subject to approval by the OIG and DoJ," PolyMedica Chairman Samuel Shanaman says in a release. The diabetes and respiratory product firm notes that the U.S. Attorney's Office for the Southern District of Florida "will not bring criminal charges against the company" (1"The Gray Sheet" Feb. 16, 2004, p. 12)...
People In Brief
Polymedica brings in new blood: Patrick Ryan is named president & CEO, replacing Samuel Shanaman, who will continue to serve as the Woburn, Mass. company's chairman. Ryan, most recently chairman & CEO of Physicians Dialysis, will focus initially on repairing Polymedica's Port St. Lucie, Fla.-facility, which lost part of its roof and sustained water damage from Hurricane Jeanne. He also plans to grow the firm through acquisition to offset an anticipated average annual reduction in reimbursement rates of 3% for diabetes products once Medicare competitive bidding becomes effective (1"The Gray Sheet" Feb. 16, 2004, p. 12). Polymedica Liberty Healthcare Group President Stephen Farrell will assume the CFO spot...