The institute’s former owner, Asad Qamar, MD, has recently faced legal and financial problems, the Ocala Star-Banner reports. Dr. Qamar, previously one of the nation’s highest Medicare billing physicians, faced two False Claims Act lawsuits in January 2015 alleging the cardiologist billed Medicare for excessive and medically unnecessary procedures. In July 2016, he reached a settlement with the Department of Justice over the allegations. Under the settlement, Dr. Qamar agreed to pay the government $2 million, lower any claims to $5.3 million in suspended Medicare reimbursements and refrain from federal healthcare programs for three years.
Dr. Qamar and ICE also filed for Chapter 11 bankruptcy protection in April 2016. UF Health Shands’ purchase was approved by the U.S. Bankruptcy Court in Jacksonville, Fla., and closed Dec. 27, 2016.
Under the asset agreement with UF Health, Dr. Qamar cannot practice within 30 miles of the two offices purchased in the deal.
UF Health Shands spent a total of $14.9 million on the ICE offices, vacant lots coupling the properties, inventory and equipment and broker fees.
More articles on transactions and valuations:
9 latest hospital transactions and partnerships
CHS sells controlling interest in home health business to drive down debt
Banner’s management of Alaska hospital comes to an end
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
