Tenet CEO Trevor Fetter told Reuters the hospital operator, which rejected a CHS takeover offer of $7.25 per share earlier this year, has “no intention of withdrawing our lawsuit,” according to the report.
The statement came a day after Tenet announced net income of $55 million for the second quarter of 2011, more than double its $25 million income in the same quarter of 2010.
Tenet has accused Brentwood, Tenn.-based CHS of systematically overbilling Medicare and unnecessarily converting emergency department visits, or observation stays, into inpatient admissions, which see a substantial difference in Medicare payments. If treated as false claims, Tenet says CHS’ conduct could result in liabilities in excess of $1 billion for 2006 to 2009 alone.
Read the Memphis Business Journal report on Tenet.
Related Articles on Tenet:
Timeline: Community Health’s Pursuit for Tenet
Tenet Sues CHS: New Battle Lines in Healthcare Takeovers — Whistleblowing
CHS Makes “Best and Final Offer” For Tenet at $7.25 Per Share
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
