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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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September 30, 2014
07:48 EDTCYHLeerink to hold a roundtable
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September 22, 2014
08:30 EDTCYHHospital price targets raised at SunTrust
SunTrust increased its price targets on companies in the hospital space, citing encouraging volume trends shown in a survey. SunTrust raised its price target on Community Health (CYH) to $66 from $55, on HCA Holdings (HCA) to $83 from $75, on LifePoint Hospitals (LPNT) to $80 from $76 and on Tenet (THC) to $68 from $58. SunTrust keeps Buy ratings on Community Health and HCA Holdings, and Neutral ratings on LifePoint and Tenet. It remains upbeat on the sector overall.
September 19, 2014
06:37 EDTCYHCommunity Health management to meet with SunTrust
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September 18, 2014
06:46 EDTCYHFTC challenging hospital mergers, NY Times reports
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September 16, 2014
07:54 EDTCYHCommunity Health management to meet with UBS
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