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March 20, 2014
08:15 EDTBEATBioTelemetry acquires Biomedical Systems' cardiac patient business for $8.65M
BioTelemetry has entered into a definitive agreement to acquire the cardiac patient services business of Biomedical Systems for aggregate consideration of $8.65M at closing. Post integration, the acquisition is expected to generate $8.0M-$9.0M in revenue and $2.5M-$3.0M in EBITDA on an annualized basis. The transaction is expected to close in early April.
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March 25, 2015
17:34 EDTBEATBioTelemetry announces finalization of settlement with DOJ
BioTelemetry announced the completion of the Department of Justice investigation with the signing of a settlement agreement between the two parties. Per the agreement, BioTelemetry will pay $6.4M to the Department of Justice, which was reflected in the company's 2014 financial statements. The settlement relates to allegations that BioTelemetry encouraged physicians to use two non-specified diagnosis codes to ensure coverage of mobile cardiac telemetry between November 2008 and June 2011. It is the company's belief that physicians utilized these non-specified codes for palpitations, a diagnosis that was permitted under the local coverage determination but for which no corresponding diagnosis code was provided. On June 29, 2011, Medicare eliminated this ambiguity by adding a specific diagnosis code for palpitations and removing the two non-specified diagnosis codes.
March 19, 2015
13:32 EDTBEATBioTelemetry to pay $6.4M in settlement with Justice Department
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