In June 2017, four employees were charged with manslaughter after a 5-year-old boy died. Acadia Healthcare will pay $17 million in what the Department of Justice says is the largest health care fraud settlement in the history of West Virginia. It has been saddled with $3.7 billion in debt, unable to pay it down since Q1 2017. Acadia Healthcare 31,705 followers 1w Acadia's Comprehensive Treatment Centers, or CTCs, provide vital care for adults who are suffering from opioid addictions. Florida State Attorney Dave Aronberg said: This is an entire industry that's been corrupted by easy money. Acadia Healthcare Reports First Quarter 2021 Results and Increases 2021 15). Courtesy: Acadia Healthcare. The organization will pay $17 million to the United States and $2.2 milion to the state of West Virginia. Interest expenses are anticipated to be $80-$85 million for 2023. Deal is largest for health care fraud in West Virginia history, Shugga Hi owner sues for right to buy property eyed for ER, Grading the Predators major trades so far. By CCHR International Start Your Review of Acadia Healthcare. Acadia recently reported that profits slid in the first quarter to $29.5 million from more than $50 million early last year, led mostly by personnel costs. System et al v. PSI, Filed 9/21/2009). Acadia Healthcare Careers Acadia is a leading provider of behavioral healthcare services. Learn about careers at Cox Media Group. Huntington Comprehensive Treatment Center in West Virginia. Acadia Healthcare shares fall on mixed-bag results, forecasts Mental Health Parity and Addiction Equity Act of 2008, rider to the Troubled Asset Relief Program (TARP), resorted to extreme exploitation of minimal regulation via patient brokering, massive gold rush, according to Bloomberg News, misleading or dangerous living conditions. Since mid-August 2015, insider holdings have dwindled from 30% to less than 1%. Why Acadia Healthcare Company, Inc. (NASDAQ:ACHC) Could Be Worth Watching Company has a NEGATIVE tangible net worth. The Drug Enforcement Administration routinely works in partnership with other agencies to fight the opioid crisis, said Justin Schoeman, Acting Assistant Special Agent in-Charge of DEAs Charleston District Office, which covers West Virginia. The settlement is about double the payment that Acadia received from Medicaid. Inability to Expand. Most importantly, after all of this, is anyone worried about the patients, their pension, or more importantly, the many children in care, separated from their families? It closed all of the loopholes insurers used to circumvent the prior Mental Health Parity Act of 1997 (MHPA). Allowed young people to stay on their parents' insurance until the age of 26. From the Q2 ACHC shareholder call. Their employee turnover is very high. Acadia is a leading provider of behavioral healthcare services across the United States. It closed all of the loopholes insurers used to circumvent the prior Mental Health Parity Act of 1997 (MHPA). Source: Nashville Post. "Defendants are liable for: (1) making false statements; or (II) failing to disclose adverse facts known to them about Psychiatric Solutions. Authorities said they are looking into complaints of abuse, over-druggingand fraud at the facility owned by Acadia Healthcare. CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554. Reeve Waud is $638 million richer solely from the sales of individually owned stock, but still holds over 700,000 shares in various entities, according to Nasdaq. From January 2012 through July 2018, the lawsuit alleged the Acadia centers used a California lab to conduct urine and blood analysis, then billed Medicaid directly for the services paying the San Diego lab out-of-pocket for its services. The company was founded in January 2005, and is headquartered in Franklin, Tennessee. With more than 20,000 employees serving approximately 70,000 patients daily, Acadia is the largest stand-alone behavioral health company in the U.S. Acadia provides behavioral healthcare services to its patients in a variety of settings, including inpatient psychiatric hospitals, specialty treatment facilities, residential treatment centers and 1. We collaborate and research together, as many readers know, however, are expressing our own unique investment viewpoints. Acadia to owe Jacobs more than $10 million following ouster However, one has already happened since then and another is expected that is not accounted for by Acadia. I have no business relationship with any company whose stock is mentioned in this article. Fraudulent billing by these Acadia/CRC drug treatment clinics, as contended by the government, limits the States ability to provide desperately needed addiction treatment services, said Maureen R. Dixon, Special Agent in Charge of the Office of Inspector General of the U.S. Department of Health and Human Services Region including West Virginia. Beckley, WV25801, 845 Fifth Avenue Geisinger partners with Acadia Healthcare to expand behavioral health In regards to Jacobs' tenure as CEO of PSI, himself and his team were subjected to various allegations and litigation after the sale to UHS. On January 20, 2021, the Honorable William L. Campbell, Jr. of the United States District Court for the Middle District of Tennessee denied defendants' motion to dismiss in St. Clair County Employees' Retirement System v. Acadia Healthcare Company, Inc., a case alleging Acadia and certain of its officers violated 10(b) and 20(a) of the Securities Exchange Act of 1934. This epidemic in the United States exploded throughout the mid-2010s, skyrocketing the number of Substance Use Disorder (SUD) centers. No clear federal definition exists for what constitutes a SUD center, so some entrepreneurs started opening centers in strip malls, filling them with beds, signing users up often through unethical methods. The San Diego Lab performed the testing and invoiced Acadias treatment centers for the services, and did so at the request of the treatment centers. According to an anonymous industry expert trained in both business and medicine, "due to the number of suicides at some of their facilities, Acadia's ability to accept certain patients has been restricted by state-level governments.". West Virginia-based Acadia Healthcare, along with subsidiary CRC Health, has agreed to dole out $17 million to settle accusations of fraud, representing the largest fraud-related settlement in the history of the state, according to a settlement agreement released this week. 27. 1. labor relations violation. A hospital, now owned by UHS, hasnt appeared to change much. OAKLAND - California Attorney General Rob Bonta today conditionally approved the sale of Adventist Health Vallejo (Adventist Vallejo), an acute psychiatric inpatient hospital, to Acadia Healthcare Company Inc. (Acadia).The Attorney General's conditions, upon which the sale is contingent, address the risk of price increases in the limited market for acute psychiatric services in Northern . And it will take external-to-the-industry government and law enforcement response to close that gap. As a leading provider of behavioral healthcare services in the United States and Puerto Rico, Acadia Healthcare operates 246 treatment facilities across 39 states. Even this year, surfacing rape allegations at Houstons Kingwood Pines Hospital (previously a Psychiatric Solutions facility managed by Jacobs and this same management team) points to the sparse revenue potential for providers across the spectrum. The Beginning: A Legislative Triple-Threat. With $3.7 billion in debt, Acadia is poorly positioned in a rising interest rate climate. Most drug addicts are treated through Substance Use Disorder centers. In 2018, improper payments alonewhich include things like payment for non-covered services or for services that were billed but not providedtotaledmore than $40 billion nationally according to the Government Accountability Office. Acadia operates a network 246 behavioral healthcare facilities with approximately 10,800 beds in 39 states and Puerto Rico. Source: Marketwatch. The company also tried to buy Highland Hospital in Charleston in 2016, with the Highland board unanimously approving the sale, but hospital officials later said the deal was nixed, and Highland instead was scooped up by Meridian Behavioral Health Systems in 2017. Acadia gets most of its business from referrals. Acadia Healthcare Partners With Covenant Health On He hasnt been able to stand since he left Rolling Hills in January 2018, Marsha said. However, an expert in the industry says that Acadia has developed an industry-wide reputation for not providing quality care, cutting costs, and cannibalizing their own programs in order to raise profits. If any of the above happens, it will likely cause Mizuho (which currently has a $60 price target) and Wells Fargo to downgrade the stock as they have in the past, causing a further sell-off. A lawsuit from one of the victims, Shannon Archer, highlights the conditions of neglect. As of June 30, 2021, Acadia operated a network of 229 behavioral healthcare facilities with approximately 10,100 beds in 40 states and Puerto Rico. The investigation was conducted by HHS-OIG, the Drug Enforcement Administration, West Virginia Medicaid Fraud Control Unite and members of the U.S. Attorneys Healthcare Fraud Abuse, Recovery and Response Team. Our community is ready to answer. Official websites use .gov 3. Seasonality. [1]Acadia Healthcare: ADHS Documents Reveal Violence and Understaffing at Oasis Behavioral Health, Capitol Forum, Vol. Waived laboratory tests are simple tests with a low risk for an incorrect result. A lock (
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