Accretive Health remains mum on earnings

The publicly-traded Accretive Health has not released any earnings reports for more than two years, and when it plans to release those numbers--along with restatements of earnings going back to 2009--remains anyone's guess.

A spokesperson with the Chicago-based Accretive declined to comment earlier this week as to when the revenue cycle management firm would report its ongoing and restated earnings, although a source close to the company indicated they would be reported soon.

Meanwhile, a filing the company made last month with the Securities & Exchange Commission said it would cut jobs as a result of its merger of its physician advisory and population health arms into the core of the company's operations. It also said it would spend as much as $5.8 million in employee severage agreements, a sum suggesting it could slash scores of jobs.

A source said revenue for Accretive's physician advisory business is down more than 50 percent year-over-year, and that it has lost contracts with the Dartmouth-Hitchcock and Henry Ford healthcare systems. A Dartmouth spokerson said that Accretive inked a deal with the system last June that runs until the end of next year. A Henry Ford spokesperson did not respond to a request seeking comment.

In the past 10 months, Accretive has named a new chairman, chief executive officer, chief financial officer, chief information officer and chief strategic officer.

The company, which provides revenue cycle management consulting to healthcare systems, hospitals and medical groups, has been trying to reinvent itself and improve its image after Minnesota Attorney General Lori Swanson sued the firm in 2012, accusing it of pressuring patients to pay prior to receiving care at hospitals operated by Minneapolis-based Fairview Health Services. A scathing report released by Swanson's office indicated that Accretive had even pressured patients on gurneys awaiting care to make payments. Accretive agreed to stop operating in the state for several years as part of its settlement of the case.

To learn more:
- read the Accretive Health SEC filing (.pdf)

 

 

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