A place to come and make your grievances against Acadia Health Care public. The heavy leverage lining the industry artificially inflated valuations beyond 30X EBITDA, spurring many clinicians with a plethora of "modalities" to set up their own shops. $6,908. A large non-profit acquired the firm in 2016, and it still thrives today, despite Penn moving on to his passion: investing.Now, a decade later, Penn has exited three start-ups. Our community is ready to answer. Reeve Waud (left) with Governor Bruce Rauner (R-IL) (right). Officials brought their own truck and van for all the evidence they expected to find. But after the act, insurers became required to treat MH/SUD services with parity, meaning they have to provide the exact same coverage for MH/SUD services as they do for medical and surgical benefits. Acadia Healthcare Careers The State cited (Belmont-Combined-State-Inspections.pdf) the facility for lack of staff and lack of facilities that would prevent suicides, among other things. In the two previous years, it has experienced a 20%+ drop after its Q3 earnings announcement. Acadia is nearing a high-risk of default, and logically, would soon be unable to continue to borrow for growth. Chris Hunter. According to Crain's: there's been a flood of private-equity investment into the $35 billion-a-year addiction treatment industry. On November 1st, 2018, just a few days shy of the November 5th, 2018 earnings call for Q3 2018, Director Reeve Waud, dumped more stock. Twitter:@JELagasse Barred companies from rejecting those with pre-existing conditions. Please disable your ad-blocker and refresh. They also increased cost sharing through higher deductibles, co-pays, and out-of-pocket payments. The facility has been accused of rampant patient and staff abuse, and allegedly inflates staff to appropriate levels only when a visit from the Joint Commission is expected. provider visits or the number of days they would cover for mental health patients. Acadia's books do not look good. Why Acadia Healthcare Company, Inc. (NASDAQ:ACHC) Could Be Worth Watching ***Sources for financial data found within the audited financial filings for Acadia Healthcare Company, Inc., including: Disclosure: I/we have no positions in any stocks mentioned, but may initiate a short position in ACHC, UHS, AAC over the next 72 hours. Complaints included physical and sexual assaults, forging of documents, short-staffing, runaway patients, and failures to prevent injuries and suicide attempts. Included within the purview of the team are the Opioid Fraud and Abuse Detection Unit, Affirmative Civil Enforcement Unit, Appalachian Regional Prescription Opioid Task Force, Medicare and Medicaid Fraud, and Asset Forfeiture efforts related to all healthcare matters. A lock ( The ADHS website lists facility enforcement actions dating back three years. If you have information that would assist KSF in its investigation, or have been a long-term holder of Acadia shares and would like to discuss your legal rights, you may, without obligation or. 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 . This most recent quarter (Q3, 2018), they missed earnings by $.10. Acadia Healthcare operates 10,200 beds spanning 230 facilities in 41 American states and territories. Medicaid paid Acadias treatment centers $8,500,000 as a result of these moderate and complex urine and blood testing claims, resulting in a loss of $2,181,100 to the State of West Virginia and $6,318,900 to the United States. Acadia Healthcare Co (NASDAQ:ACHC) has observed the following analyst ratings within the last quarter: According to 5 analyst offering 12-month price targets in the last 3 months, Acadia. The two bills: 1. The women's substance abuse and eating disorder treatment facility is one for which Wauds company paid $90 million for in 2012. That case was filed by counsel on behalf of the Garden City Employees Retirement System and other affected PSI shareholders. February 13, 2019. The deficiencies led to a failure by the Company to: protect patients from sexual abuse; provide patient care in a safe environment; ensure its patients were adequately monitored; ensure its facilities were adequate(ly) staffed, adequately train and supervise its staff; and ensure incidents were properly reported to state and federal authorities." Have a question about Government Services? 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. Acadia is a leading provider of behavioral healthcare services across the United States. The company's shares (Ticker: ACHC) closed at $32.60 Tuesday, down nearly four percent from Monday. 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. These treatment centers are located in Charleston, Huntington, Parkersburg, Beckley, Williamson, Clarksburg, and Wheeling. Acadia Healthcare Reports Fourth Quarter 2022 Results According to another friendly FBI source (reached via phone in July 2018), Special Agent Tara Smith of Chicago, discussed the link between cost-cutting, potential fraud, and patient harm, and said: it's just not something we do, and it's a challenge to connect the two. One is located on Medlock Bridge Road and the other is on One Technology Parkway. Florida State Attorney Dave Aronberg said: This is an entire industry that's been corrupted by easy money. Acadia Healthcare: More Abuse, More Need for Government Oversight of . All health care related cases in the Southern District of West Virginia, whether they are the subject of criminal or civil investigation or enforcement, are directed through ARREST. The company was founded in January 2005, and is headquartered in Franklin, Tennessee. Acadia provides behavioral health and addiction services to its patients in a variety of settings, including inpatient psychiatric hospitals, residential treatment centers, outpatient clinics and therapeutic school-based programs. New Baltimore, MI, Harbor Oaks Hospital. Henderson, NV, Seven Hills Hospital. $8.5 million in Medicaid fraud means $8.5 million in fraud to the taxpayers. Again, the leadership has, for the most part, cashed in. U.K. and U.S. government health contracts make up the bulk of the money paid to Acadia Healthcare. The West Virginia Centers provide outpatient drug treatment, including the administration of Methadone and the prescribing of Suboxone and Subutex. The other lawsuit, which involves an unnamed minor, alleges denial of critical emergency medical care, as well as multiple sexual assaults against children. Acadia was involved in approximately zero of those transactions. Editor's note: Seeking Alpha is proud to welcome Penn Little as a new contributor. Improving the Patient Financial Experience Throughout the Patient Journey. Joey Jacobs stated: The company remains actively engaged with its acquisition pipeline and expects its 2018 acquisitionactivity to be heavily skewed toward acute facilities in the United States. Prior to the act, insurers could require people to pay a greater share of the cost associated with mental health and substance abuse. 2023 Cox Media Group. I wrote this article myself, and it expresses my own opinions. A separate claim, filed in 2009, names the same defendants. Before founding Bar Nothin' Capital Management, and then his research firm Bar Penn was the Co-founder and Managing Partner of Crestview Capital Partners LLC.At Crestview, the firm he co-founded in 2014, Penn led the charge to improve outcomes in mental and behavioral healthcare by scaling quality care models in the arena of community counseling. Acadia is experiencing severe interest rate and currency exchange headwinds. I am proud of the work of my office and that of our partners to ensure the end of this multi-million dollar scheme. acadia-healthcare | Violation Tracker - Good Jobs First for violations of Sections 14 and 20 of the Securities Exchange Act of 1934 (Exchange Act), and as a class action for breaches of fiduciary duties, unjust enrichment and rescission in connection with the proposed sale of PSI to Universal Health Services, Inc. Acadia Healthcare shares fall on mixed-bag results, forecasts. Federal inspectors back them up, saying in a report (source) that the facility is: too short-staffed to properly supervise patients. He hasnt been able to stand since he left Rolling Hills in January 2018, Marsha said. Sexual assault against patients is alleged to have occurred as well. Conviction for . On February 4, 2019, The Capitol Forum reported it had obtained 373 pages of Arizona Department of Health Services (ADHS) documents regarding investigations into Acadias Oasis Behavioral Health near Phoenix, which accepts children, adolescents, and adults. Inability to Expand. [3] https://www.jointcommission.org/facts_about_the_joint_commission/; https://www.jointcommission.org/benefits_of_joint_commission_accreditation/. Overall, the sexual assault allegations are eerily similar to the lawsuits from the Jacobs et al. Waud was also the nominee of Governor Bruce Rauner, R-Ill., and presently chairs the Illinois State Police Merit Board, which provides oversight, the approval of promotions, and other major decisions for the state's highest law enforcement body. ; https://www.jointcommission.org/about/jointcommissionfaqs.aspx#2323. Room 209 So, it was not surprising when a research site named 'Aurelius Research' launched a site called 'Acadia Exposed' that has compiled relatively voluminous copies of pending litigation aimed at facilities Acadia owns, as well as the parent company itself. SLOW DOWN. It has been saddled with $3.7 billion in debt, unable to pay. $11,000. Fix the multitude of issues with the current facilities and get a solid foundation before trying to build higher. No response was provided or has been since. Another suit, from 2015, alleges child neglect. The 2009 suit alleged: (PSI) suffered from systematic quality of care and patient safety problems. A month-long news investigation by WXYZ of Detroit, MI, found: a pattern of assaults on staff dating back years, repeated allegations of physical and sexual abuse involving patients. Staff is asked to gaslight patients who complain and rely on their illnesses to disregard their complaints. This is only attained by reducing the quality of care. I found sobriety just over a decade ago, after further treatment at the Hazelden Foundation and Prescott House. Acadia Healthcare Company, Inc. today announced financial results for the fourth quarter and year ended December 31, 2022. NASDAQ: ACHC Shareholder Notice: Update in Lawsuit against Acadia 2. Acadia has $6 billion in long-term assets and $3.4 in long-term liabilities, yet when the goodwill from purchases is removed from the books, the company's worth approaches $0. The settlement is about double the payment that Acadia received from Medicaid. System et al v. PSI, Filed 9/21/2009). Huntington:(304) 529-5799. From the Q2 ACHC shareholder call. The settlement represents the largest healthcare fraud settlement in the history of West Virginia and is twice the actual loss from the scheme. About Us | Acadia Healthcare 16). They also increased cost sharing through higher deductibles, co-pays, and out-of-pocket payments. 3. 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 settlement agreement can be found The company, which runs mental-health and addiction-treatment facilities, reported fourth-quarter net income of $63.1 million, or 67 cents a share, compared with $71.5 million, or . Revenue totaled $675.3 million, an increase of 13.8% over the fourth . Working here will land you with people's deaths on your conscience. Two years ago, Brown Consulting Behavioral Services warned that with increased attention of the Department of Health and Human Services (DHS) and the Office of Inspector General (OIG), Behavioral Healthcare leaders, like other healthcare leaders, must re-examine their internal operations and practices to protect their organizations from fraud and abuse. The July 21, 2017 article spoke of an Integrity Gap, referring to the distance between day-to-day conduct and the ethical standards of the organization.
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