With $55.3 million in assets and $74.9 million in liabilities the money analytics are alive and running. Medical Development according to the article here says that Well Fargo became a “corporate raider” to divert company assets.
Part of their business is in the Healthcare Analytics area with consulting for provider solutions. The site states they have been a government contractor for years and has built healthcare networks and has a contract with the VA and also offers solutions for self funded employers.
“MDI works along with healthcare payers to provide custom care networks, efficient administration and powerful analytics solutions. Our products and services allow administrators and healthcare professionals to:
- Identify actionable items to reduce costs and manage risk
- Create custom networks and plans for your clients
- Eliminate overspending on duplicate or incorrect medical claims
- Evaluate complex health data in interactive, easy-to-use platforms
- Create custom health programs for high-risk patients and disease groups
- Predict future spending from the individual patient to the corporate level “
All of our services are backed by dedicated cross-disciplinary support teams who provide IT assistance and personalized customer service, ensuring you'll always be equipped with the knowledge and ability to make practical, informed decisions. This one appears to be one worth watching as perhaps their algorithms for analytics are either not making enough money or Wells Fargo perhaps was not providing adequate direction for them…who knows. Now the company is also suing Wells Fargo too and is seeking $15 million in damages.
Banks and Health Insurance companies locking horns here and I bet the battles comes down to who’s business analytics algorithms caused the damage. BD
Wells Fargo & Co. (WFC), the fourth- largest U.S. bank by assets, sued prison-service provider Medical Development International Ltd. in Delaware Chancery Court (1400L) seeking to recover $30 million in loans.
Wells Fargo said in complaint filed today in Wilmington that Medical Development, based in Ponte Vedra, Florida, has been in default on the loans “for quite some time” and asked a judge to appoint a receiver.
The company and affiliates have “also engaged in a series of self-dealing transactions including, among other things, so- called ‘loans’ to executives” for a “working farm,” a biographical screenplay and payments for “a Tesla Roadster,” lawyers for San Francisco-based Wells Fargo said in the complaint.