ASC operator HealthSouth expects to end legal issues soon
Ambulatory Safety Monitor, September 1, 2004
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HealthSouth Corp. anticipates resolving its regulatory problems by the end of the year, raising hope that it can end the slide of its ambulatory surgery business, the company's chief executive officer told the Reuters news agency last week.
The Birmingham, AL-based company, which operates a network of more than 1,700 ambulatory surgery, diagnostic imaging, and rehabilitation centers nationwide, will not disclose a timeline to resolve the accounting fraud charges with the Securities and Exchange Commission (SEC) as well as investigations from the Justice Department and Centers for Medicare & Medicaid Services, CEO Jay Grinney said. The company's ambulatory surgery services saw a decline in patient volume during the scandal because the business depends on finding partnerships with physicians, according to Reuters.
The SEC accused the company in March 2003 of inflating its past earnings by $2.7 billion. HealthSouth founder and former CEO Richard Scrushy will stand trial early next year on securities fraud charges.
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