Accretive's Tolan stepping down as chairman

Accretive Health co-founder Mary Tolan, who as CEO guided the company through a difficult 2012 and later ascended to the chairman seat, will not stand for re-election to the company's board in 2014, the Chicago-based firm said today.

Accretive, which manages revenue cycle and collection operations for hospitals, made the announcement this afternoon in a filing with the Securities and Exchange Commission.

Tolan's departure from the company would mark the end of her nearly nine years there, building it to $826 million in revenue in 2011. Accretive fell under scrutiny from the Minnesota attorney general's office in 2012 for its collection tactics at two Minneapolis-area health systems.

The company hit rough waters this year when it said it would have to restate financial results for quarters extending back to 2009. It has not released an annual report for 2012 or quarterly reports for this year. It said in today's filing that it would delay its third-quarter results, adding that it intends to file restated results by March 19.

"Accretive Health is an organization of dedicated and passionate professionals committed to their clients and the quest for enhanced quality and affordability in healthcare," Tolan said in a statement. "I look forward to the company's future success and contributions to healthcare innovation. With the addition of these two very accomplished directors and a great management team fully in place, I believe next year will be an ideal time for me to step down from my role as chairperson and director to pursue other business interests."

Shares closed at $9.27 today, down 0.75%.

Accretive's Tolan stepping down as chairman originally appeared on the Crain's Chicago Business website.