Genesis Health Ventures Inc. announces Life Support Ambulance settlement.KENNETT SQUARE, Pa.--(BUSINESS WIRE)--Oct. 28, 1996--Genesis Health Ventures Inc. (NYSE NYSE See: New York Stock Exchange :GHV GHV Genesis Health Ventures, Inc. GHV Gross Heating Value (relationship between volume and corresponding amount of energy for gas) ) Monday announced the settlement of a matter between the United States and Life Support Ambulance Inc., a wholly-owned subsidiary of Geriatric and Medical Companies Inc. The settlement arises out of alleged billing improprieties by Life Support Ambulance. Genesis supported Life Support Ambulance's settlement of it's dispute with the governmental agencies and other third parties so that these outstanding matters would be resolved contemporaneously with Genesis' acquisition of Geriatric and Medical Companies which occurred on Oct. 11, 1996. The settlement finalizes an agreement in principle existing between the parties prior to Genesis' acquisition. The settlement expressly contains no admission of liability. The settlement involves claims that were submitted prior to Genesis' acquisition of Geriatric and Medical Companies. As part of the settlement, Life Support Ambulance agreed that the United States would retain $4.6 million of funds which had previously been withheld from the ambulance company. Funds held by the government in excess of the settlement amount will be paid to Life Support Ambulance and no further withholdings will occur. Genesis will implement a corporate compliance program for Life Support Ambulance, within the context of Genesis' existing corporate compliance program. As part of that program, Genesis has agreed to appoint a corporate compliance officer who will be responsible for certification of the accuracy of Medicare claims made by Life Support Ambulance. In addition, Life Support Ambulance will be audited over a several year period and, at Genesis' request, the Medicare carrier will provide training and education to ambulance company personnel to clarify current billing regulations. This matter was resolved with the assistance and cooperation of Genesis Health Ventures, the U.S. Attorney's Office, the Office of the Inspector General Office of the Inspector General (or OIG) is a common sub-agency within cabinet-level agencies of the United States federal government and serves as auditing and investigative arm of the agency's programs focused on identifying waste, fraud and abuse. of the Department of Health and Human Services Noun 1. Department of Health and Human Services - the United States federal department that administers all federal programs dealing with health and welfare; created in 1979 Health and Human Services, HHS , Health Care Financing Administration Health Care Financing Administration, n.pr department in the U.S. agency of Health and Human Services responsible for the oversight of the Medicaid and Medicare benefit programs, including guidelines, payment, and coverage policies. (HCFA HCFA abbr. Health Care Financing Administration HCFA, n.pr See Health Care Financing Administration. ), Xact Medicare Services, the Pennsylvania Department of Public Welfare and Pennsylvania Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. . A leader in the healthcare industry, Genesis Health Ventures was founded in 1985 to redefine how America cares for the elderly, utilizing a coordinated, comprehensive approach that helps older people define and live a full life. The company has established Genesis ElderCare eld·er·care n. Social and medical programs and facilities intended for the care and maintenance of the aged. (SM) Networks in five major metropolitan markets in the eastern United States and currently serves more than 70,000 customers. CONTACT: Genesis Health Ventures Inc., Kennett Square George V. Hager Jr., 610/444-6350 |
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