Community Health Converts Bid to $3.3 Billion Bid in Cash-Warming Up For Some of the Most Complicated Algorithmic Auditing Lawsu
Posted Apr 18 2011 11:10am
The story continues as the hostile takeover, lawsuits, and HHS audit continues with the 2 big hospitals companies. Both companies have had their legal issues and lawsuits over the years so if you compare issues to issues in that respect we might have to equal entities there as Tenet just settled lawsuits going back to Katrina. HHS is also asking Community for some information as they investigate admissions billings and so forth at present. Who’s advising Community on this affair, none other than Goldman Sachs, so do we trust back decisions today after 2008 that state that Community can obtain financing? Where is the financing and who’s doing it and how wrapped up is the financing, bonds, etc.
Community Health has been working at a hostile takeover of Tenet which started back in January, or least that’s when it started receiving coverage in the news. Community even went so far as to recommend replacing their board of directors with their suggestions.
Are hospital investigations going the way of banks to where fines in the millions get paid and nobody admits any wrongdoing? It does make you wonder and again don’t forget the algorithm part of this as the lawsuits and audits revolve all around this fact, the admission algorithms and software packages sold to make the process more efficient and hopefully still provide better care. In other news one software company was called to the table with Blue Cross and a change was made with their provisions when doctors recommend a stress test and this is a similar process to the algorithmic formulas that code and create the levels of admission that doctors are given for admitting patients too.
I can kind of see this type of scenario developing here where the hospitals will fall back on the 3rd party software as far as how it was sold and what it does, and then the auditing software company would state they don’t have any control over how a hospital uses the software.
We might just be warming up for the most technical lawsuits ever filed, the battles of the hospital algorithms. We better get some better intelligence in Congress and seriously think about our processes as with digital illiteracy we as a nation of citizens are set to be screwed in more ways than one when all this shakes lose with formulas beyond normal comprehension with skewed and denied care for patients, but nobody did anything wrong, correct?
Right now I also have questions with judges wit their interpretations as shoot they can’t keep track of their investments with companies changing business models and end up in the news all the time with their own personal conflicts of interest.
Goldman knows the routine as look at where they sit today and who’s advising Community? How did the crash in 2008 occur? It could not have been so sophisticated and planned without some very sophisticated algorithms. Take hint here and if you read the link below, see the picture of the last testimony with reams of paper and some time wasted as they don’t do business like this at the banks and run miles ahead of the rest of us with their business intelligence algorithms.
It’s more like this with looking to see how fast the can get technologies like IBM Watson on hand to help generate more money. Sad to see the reality of a governing group of lawmakers will believing in a great white hope, as it’s not going to show up any time soon, Ryan or anyone else as collaboration is the key.
(Reuters) - Community Health Systems Inc ( CYH.N ) is converting its $3.3 billion bid for Tenet Healthcare Corp ( THC.N ) to all cash, the hospital operator said, sweetening the offer after questions about its billing practices hit its shares.
Community, whose shares fell 13 percent, said on Monday that it was bidding $6 a share in cash for Tenet. Its previous offer, which Tenet had rejected as too low, was for $5 a share in cash and $1 in Community Health stock.
Tenet said in a statement that it would review the revised proposal.
Community Health's stock has dropped sharply in the past week after Tenet accused the company of admitting patients for needless stays and bilking the U.S. government and private insurers.