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Stock Market & Financial Investment News

News Breaks
August 4, 2014
16:53 EDTCYHCommunity Health resolves Department of Justice investigation for more than $88M
Community Health Systems announced that it has resolved the investigation by the U.S. Department of Justice into short stay admissions through emergency departments at certain affiliated hospitals. The parties have entered into a settlement agreement, which concludes the government’s review into whether these 119 hospitals billed Medicare, Medicaid and TRICARE for certain inpatient admissions from January 2005 to December 2010 that the government believed should have been billed as outpatient or observation cases. The settlement agreement reflects the company’s desire to end the investigation, which began in 2011, and to avoid the significant expense and distraction of litigation. Under the terms of the agreement, there is no finding of improper conduct by Community Health Systems or its affiliated hospitals, and the company has denied any wrongdoing. The company has agreed to pay $88.26M in resolution of all federal government claims, including Medicare, TRICARE and the federal share of the Medicaid claims, and an additional $892.5K to the states for their portions of the Medicaid claims. The settlement agreement does not cover current government investigations into certain hospitals formerly affiliated with HMA, which were initiated before Community Health Systems’ acquisition of HMA in January. The company continues to cooperate with the government and is working to bring resolution to these investigations. The settlement also resolves the government’s investigation into a CHS-affiliated hospital in Laredo, Texas. The government’s review in Laredo centered on whether the hospital submitted claims for inpatient procedures that should have been billed as outpatient procedures as well as the financial relationship between the hospital and a member of its medical staff. The hospital has agreed to pay $9M to resolve this investigation. The company previously established a $102M reserve to cover these settlements and related legal costs.
News For CYH From The Last 14 Days
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January 23, 2015
08:08 EDTCYHCommunity Health reports agreement for purchase of interest in Metro Health
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January 20, 2015
07:18 EDTCYHCommunity Health sees Q4 EPS $1.23, consensus $1.20
Sees Q4 net operating revenue approx. $4.9B, consensus $5.06B. Excluding acquisition and integration expenses from the acquisition of Hospital Management Associates, legal expenses related to the HMA legal proceedings underlying the CVR agreement, and expenses related to other government legal settlements, adjusted EBITDA is expected to be approximately $785M for the three months ended December 31, 2014.
07:18 EDTCYHCommunity Health Sees FY14 EPS $3.29, consensus $3.21
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January 16, 2015
10:47 EDTCYHBofA/Merrill healthcare facilities analyst analyst/industry conference call
Healthcare Facilities & Managed Care Analyst Bressler discusses the legislative and regulatory outlook for the industry for 2015 on an Analyst/Industry conference call to be held on January 23 at 2 pm.
January 12, 2015
07:17 EDTCYHJPMorgan to hold a conference
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