TeamHealth Holdings (TMH) Weakness Tied to Disclosure of CID from DOJ

November 7, 2016 10:24 AM EST

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TeamHealth Holdings (NYSE: TMH) weakened Monday after a 10-Q filing on November 4 showed receipt of a CID on Oct. 25.

From the filing:

On October 25, 2016, the Company received a CID from the United States Department of Justice pursuant to the Federal False Claims Act concerning the submission of claims to federal healthcare programs for certain professional services furnished by the Company's affiliated provider groups at certain healthcare facilities, including healthcare facilities located in Colorado and Texas. The CID requests, among other things, information related to professional services furnished to critical care patients and professional service split/shared visits involving both physicians and mid-level practitioners (such as physician assistants and nurse practitioners). The CID requests responses to written interrogatories and the production of documents and other information relating to Company coding and billing policies. The Company is cooperating with the Department of Justice. The Company is currently unable to determine the potential impact, if any, that will result from this matter.

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