When the scheme was revealed, the resulting drop in stock price eliminated $400 million in market value. The company’s total exposure, before the settlement, was $116 million. Full Story
Kimberly Clark, the Dallas-based paper giant, will try to sell its healthcare unit, the company announced last week. The healthcare segment—which produces surgical products and medical devices—has about $1.6 billion in annual sales. While Kimberly Clark is based in Dallas, its health unit is based in Roswell, Ga. and employs about 16,000. “While K-C Health Care has been part of our company since the 1970’s, its strategic fit and growth priorities have changed over time and we now think that pursuing a spin-off makes sense for our shareholders,” Kimberly-Clark chairman and CEO Thomas J. Falk told shareholders. “This announcement is further… Full Story
On Monday, Scott Smith quit his day job. Smith’s Socrates Health Solutions is one of 12 startups in the first class selected last month by seed accelerator Health Wildcatters. But until this week, Smith was working nights and weekends to nurture the birth of a non-invasive self-monitoring blood glucose device, while punching in every day for a Boston-based, post-acute care software firm. At 47, Smith is a serial entrepreneur, participating in five previous startups. Two were sold, one became a public company, and two failed. For the past year, the divorced father of three has leveraged his life savings for… Full Story
The former top two executives of an Austin medical-device company have been indicted on wire and securities fraud charges, accused of defrauding shareholders and investors out of $400 million, the Associated Press reported this week. A federal indictment accuses former ArthroCare chief executive Michael Baker and former ArthroCare finance chief Michael Gluk of conspiracy, 11 counts of wire fraud, and two of securities fraud. Baker was also charged with three counts of making false statements. The indictment accuses the pair of inflating ArthroCare’s earnings by tens of millions of dollars to falsely encourage investment from December 2005 through December 2008. The… Full Story
Helen Locklear, 75, is grateful to be able to see the flowers in her yard again. “I have a beautifully landscaped yard. I can really look at the colors of my roses and lilies. That makes me very excited,” she said. Arlington cornea surgeon Aaleya Koreishi, M.D., implanted a tiny telescope into Locklear’s right eye at Arlington Memorial Hospital in March to combat her end-stage age-related macular degeneration. Locklear said she still is getting used to the telescope’s distortion of depth perception. “My coffee cup seems to be about the same size as my hand,” she said. Koreishi, who is… Full Story
Large U.S. health systems improve the financial performance of acquired hospitals more than local or regional systems.
A Rowlett Man has been sentenced 30 months in federal prison and ordered to pay $691,175 for healthcare fraud.
Olalekan Sorunke, 40, of Rowlett, was sentenced last week by U.S. District Judge Jorge A. Solis to 30 months in federal prison and ordered to pay $691,175 in restitution following his guilty plea in February to one count of health care fraud, stemming from the operation of Dallas-based Lincoln Medical Supply Inc. Solis ordered that Sorunke surrender to the Bureau of Prisons on July 10. Lincoln was a durable medical equipment (DME) supply company. According to court documents, Sorunke maintained a valid Medicare group provider number to submit Medicare claims for DME. However, he submitted Medicare claims that were not… Full Story
Baylor Health Care System is launching a joint venture to test the long-term effectiveness of medical devices with two other large U.S. health systems and one of the nation’s largest health-benefits companies. The new venture is called SharedClarity, includes Baylor Health Care System, San Francisco-based Dignity Health, and Illinois-based Advocate Health Care, and UnitedHealthcare. The three member health systems employ about 100,000 people and care for about 7 million patients annually. UnitedHealthcare provides health benefits to more than 40 million Americans. The partners plan to add more health systems this year. SharedClarity will seek is to improve patient outcomes by… Full Story
Insurance companies will have to pay out an average of about one-third more for medical claims on individual health policies under the ACA.
Plano-based Argon Medical Devices plans to acquire Interventional Products Business of Angiotech Pharmaceuticals Inc.
Despite the cut in on-call hours, residents are not getting more sleep and are reporting more errors and symptoms of depression. Full Story
Plano-based Argon Medical Devices plans to acquire Interventional Products Business of Angiotech Pharmaceuticals Inc. Interventional Products Business manufactures and markets disposable and re-usable biopsy products for the diagnosis of cancer, drainage catheter products, and vascular interventional products. The transaction is expected to be completed by the end of April. As part of the transaction, Argon will also acquire three dedicated manufacturing facilities in Wheeling, IL; Gainesville, FL; and Rochester, NY. Argon currently manufactures its products in facilities in Athens, TX and Singapore.