PALM BEACH GARDENS, Fla.—After a lengthy due diligence process, Signature HealthCare announced it will move its corporate headquarters to Louisville, Ky., from Palm Beach Gardens. The long-term-care company said in a news release that Louisville's willingness to aggressively offer incentives to the company was a factor in the decision, as well as the opportunity to partner with a local university. The other finalists for the headquarters were in South Florida and Tennessee. In Louisville, Signature will partner with the University of Louisville to create the International Center for Long Term Care Innovation, a collaborative center for the development and commercialization of health technology and services tailored to long-term-care settings. The center will become one of the initial tenants in Kentucky's new life sciences center, called Nucleus, located on the former Haymarket site in downtown Louisville, the news release said. Other factors in the decision to locate to Louisville included the quality and quantity of local healthcare talent, and economic operating costs. The 2-year-old company was named one of the Best Places to Work in Healthcare in 2009 in Modern Healthcare's ranking.
Regionals: Georgia couple indicted for Medicaid and Medicare fraud and more news ...
ROCKY MOUNT, N.C.—Nash Health Care Systems recorded slightly lower operating earnings in 2009, but saw its investment income rebound from a loss in 2008 to post a better overall performance, according to its financial disclosure to bondholders for 2009. Nash reported income from operations of nearly $10 million in 2009 compared with operating income of $10.3 million in 2008. Net patient service revenue increased 1.6% to $195.9 million. Total revenue was $200.9 million, also up 1.6% from 2008. The cost of uncompensated care (the sum of charity care and bad-debt expense) rose 6.7%, to $38.8 million. The 310-bed hospital serves a market with an unemployment rate of 13.9% as of December 2009, according to the financial disclosure. Investment income in 2009 was $17.2 million after a loss of $7.9 million in 2008. Nash also recorded a $1 million loss in 2008 for terminating an interest rate swap after it converted its auction-rate bonds to fixed-rate bonds because of the freeze-up in auction-rate markets in February 2008 (Feb. 25, 2008, p. 6)
ATLANTA—George and Rhonda Houser, former operators of three Georgia nursing homes, last month pleaded not guilty to charges of conspiracy to defraud the state's Medicare and Medicaid programs of more than $30 million between 2004 and 2007. They were released on bond. Through their Rome, Ga.-based company, Forum Healthcare Group, the Housers owned and managed Mount Berry Nursing and Rehabilitation Center and Moran Lake Nursing and Rehabilitation Center, both based in Rome, and Wildwood Park Nursing and Rehabilitation Center, Brunswick, Ga. In 2007, all three homes were involuntarily terminated from the Medicare and Medicaid programs because of evidence of rampant fraud and abuse. The 11-count indictment detailed conspiracy charges that the Housers had funneled millions of dollars in funds for personal use, including purchases of property and cars. That diversion of cash left the three nursing homes dangerously strapped, the government said, and shortages of food and medical supplies were commonplace. Care at the homes was “so deficient, inadequate, substandard as to constitute worthless services,” the indictment stated. Subacute Services, Lilburn, Ga., took control of the homes in November 2007 and changed the names of all three facilities.
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