"...Huge Percentage of Financial Fraud Against US Gov. Comes from Healthcare Industry"

[spooky3]

I just came across this, though it's a couple of months old.

http://whistleblowing.us/2011/06/disturbing-new-statistics-show-huge-percentage-of-financial-fraud-against-u-s-government-comes-from-healthcare-industry/

"...Some appalling examples from the TAF “Top 20” list:

No. 1 Fraud Offender: Pfizer — $1 billion under the False Claims Act. Pfizer paid a total of $2.3 billion, of which $1.3 billion was a criminal fine for kickbacks and off-label marketing and $1 billion was paid under the False Claims Act.

No. 2 Fraud Offender: Tenet Heathcare — $900,000,000 under the False Claims Act. In July 2006, Tenet Healthcare agreed to pay the Federal Government $900 million for billing violations that included manipulation of outlier payments to Medicare, as well as kickbacks, upcoding, and bill padding.

No. 3 Fraud Offender: HCA — $731,400,000 under the False Claims Act. In December 2000, HCA The Healthcare Company (formerly known as Columbia HCA), the largest for-profit hospital chain in the United States, pled guilty to criminal conduct and agreed to pay more than $840 million in criminal fines, civil penalties and damages for unlawful billing practices..."

[SammyWinstonJack]

1. knr

[MannyGoldstein]

2. In part because health care is the largest segment of our economy nt

[OmahaBlueDog]

3. The bigger issue is that it's become business as usual, and it's not really preceived as wrongdoing

I've seen doctors routinely exaggerate services performed in order to get what they consider to be an acceptable settlement from the insurance carrier.

Better auditing and prosecutions could go a long way here.

[asjr]

4. Didn't former Senator Frist from TN

own stock in HCA at one time?

[unblock]

7. yes, and he dumped them right before a poor earnings report tanked the stock.

[spooky3]

8. I'm sure that was just a coincidence.

Reeeeaaallll sure....

[unblock]

9. it was, and hca paid the shareholders who sued $20mm to make sure they agreed.

http://en.wikipedia.org/wiki/Hospital_Corporation_of_America

On July 1, 2005, Senator Frist sold all of his HCA shares two weeks before disappointing earnings sent the stock on a 9-point plunge. Frist claimed that he sold his shares to avoid the appearance of a conflict of interest if he ran for president. Other executives sold their stock at the same time. Shareholders sued HCA in a lawsuit alleging that the company made false claims about their profits to drive up the price which then fell when the company reported disappointing financial results. The lawsuit was settled in August 2007 with HCA agreeing to pay $20 million to the shareholders.<11>

[spooky3]

10. We gotta have tort reform! our litigious society! and all that...

He should be in jail.

[dkf]

5. I would be curious about the MIC

[demosincebirth]

6. Huh? Here I thought it was those

welfare moms :sarcasm: