June 2003

Industry Watch

HealthSouth Probe Expands

The federal investigation of accounting fraud at HealthSouth Corp continues to expand. As of print deadline, eleven former executives from the Birmingham, Ala-based operator of rehabilitation hospitals had admitted guilt and reached plea agreements with the Justice Department. Among these executives are all five of the company’s Chief Financial Officers. Prosecutors from the Justice Department and attorneys from the Securities and Exchange Commission have alleged that HealthSouth overstated profits by at least $2.5 billion since 1997. The alleged scheme, according to documents and court testimony, included the use of fictitious assets and fake invoices. The accounting-fraud investigation was sparked in mid March when two former finance chiefs began cooperating with the Justice Department.

Florida HealthSource Releases New Test System

Florida HealthSource, a division of iBX Group Inc, Deerfield Beach, Fla, has finalized plans to release its company-developed Functional Capacity Evaluation testing system in ASP format to occupational medicine and physical therapy/rehab practices nationwide. During the first quarter of 2003, iBX’s network of Florida HealthSource clinics performed more than 200 of the tests, with reimbursements ranging from $450 to $750 per report. The company expects that number to double to over 400 in the second quarter. Florida HealthSource centers offer a variety of physical therapy, occupational medicine, rehabilitation, pain management, chiropractic, and wellness services. iBX Group Inc develops and deploys methods for integrating financial, administrative, and information services for the health care industry. It consists of five divisions.

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