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THC

Tenet

$21.76

-0.9 (-3.97%)

12:07
10/03/16
10/03
12:07
10/03/16
12:07

Tenet Healthcare to pay $513M to settle DoJ kickback charges

Tenet Healthcare Corporation and two of its Atlanta-area subsidiaries will pay over $513M to resolve criminal charges and civil claims relating to a scheme to defraud the United States and to pay kickbacks in exchange for patient referrals, the U.S. Department of Justice said. In addition, two Tenet subsidiaries, Atlanta Medical Center Inc. and North Fulton Medical Center Inc., have agreed to plead guilty to conspiracy to defraud the United States and to pay health care kickbacks and bribes in violation of the Anti-Kickback Statute. The plea agreements remain subject to acceptance by the court. Up until April 2016, Atlanta Medical Center Inc. and North Fulton Medical Center Inc. owned and operated acute-care hospitals located in the greater Atlanta metropolitan area. Atlanta Medical Center Inc. and North Fulton Medical Center Inc. were charged in a criminal information filed today in federal court in Atlanta with conspiracy to defraud the United States by obstructing the lawful government functions of HHS and to violate the AKS, which, among other things, prohibits payments to induce the referral of patients for services paid for by federal health care programs. The two Tenet subsidiaries have agreed to plead guilty to the charges alleged in the criminal information and will forfeit over $145M to the United States - which represents the amount paid to Atlanta Medical Center Inc. and North Fulton Medical Center Inc. by the Medicare and Georgia Medicaid programs for services provided to patients referred as part of the scheme. In the civil settlement, Tenet agreed to pay $368 million to the federal government, the state of Georgia and the state of South Carolina to resolve claims asserted in United States ex rel. Williams v. Health Mgmt. Assocs., Tenet Healthcare, et al., a lawsuit filed by Ralph D. Williams, a Georgia resident, in the Middle District of Georgia, under the federal and Georgia False Claims Acts. The acts permit whistleblowers to file suit for false claims against the government entities and to share in any recovery. The federal share of the civil settlement is $244,227,535.30, the state of Georgia will recover $122,880,339.70 and the state of South Carolina will recover $892,125. Mr. Williams' share of the combined civil settlement amount is approximately $84.43M. Reference Link

  • 06

    Nov

THC Tenet
$21.76

-0.9 (-3.97%)

04/13/16
SUSQ
04/13/16
UPGRADE
SUSQ
Positive
Tenet upgraded to Positive from Neutral at Susquehanna
05/03/16
RBCM
05/03/16
NO CHANGE
RBCM
Envision, Team Health have good read through from ED visits, says RBC Capital
Noting that hospital chains Tenet (THC) and Universal Health (UHS) reported significant year-over-year growth in emergency department visits, RBC Capital says the data suggest "good volume trends" for Envision Healthcare (EVHC) and Team Health (TMH). The firm thinks that the latter two companies' results could beat expectations. It keeps Outperform ratings on both stocks.
05/04/16
MZHO
05/04/16
DOWNGRADE
MZHO
Neutral
Tenet downgraded to Neutral from Buy at Mizuho
05/04/16
05/04/16
DOWNGRADE
Target $33

Neutral
Tenet downgraded to Neutral on cash flow issues at Mizuho
As previously reported, Mizuho downgraded Tenet to Neutral from Buy and maintained its $33 price target. Analyst Sheryl Skolnick said she is concerned about the continued need to spend cash on settlements and payments that do not create shareholder value and views shares as fully valued.

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SSNLF

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, FB

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