This is pretty good as he is seeking all profits made by the executives and board. In this case revenue cycling and pay for performance methodologies hit the wall, why else would you have employees using such aggressive tactics to collect money?
Accretive Health Debt Collector Employee Has Laptop Stolen With Non Encrypted Patient Data from 2 Hospitals And Had Access to All the Data Via Revenue Cycling - Patient Information Was Shared With Wall Street Investors – Algorithms For Profit Again?
If one is a board member today with any company using a great deal of technology you might want to inquire about their algorithms and software and make sure you have a top notch IT department as that’s how this whole thing got out of the bag with nine stolen notebooks…did you read that right…not one but nine and the last being the worst to where it was uncovered that patient privacy rules were violated with Wall Street analysts being able to view and see real patient records. That’s the deal today if you are going to be a board member or executive, no more mister naïve guy at the helm as we have enough of those, ie. the CEO of Nasdaq and Jamie Dimon who are either that naïve or just play dumb. The folks from Accretive didn’t satisfy Congress either and it seems “playing dumb” is becoming a defense today. Actually this situation became chapter 28 of the Attack of the Killer Algorithms.
Accretive Medical Collections and Analytics Cited by Minnesota by Attorney General For Collecting from Patients At Bedside and Worse–Employees on Pay for Performance Too? Killer Algorithms Chapter 28
Look at where one of the other directors works…Warner Music Group..what does these folks know about running a healthcare company one could ask..just send check please for my existence here:) One shareholder wants his money back from the directors as he saw they were asleep at the wheel with everyone saying “I had no idea”…in today’s world that’s not going to last too much long I don’t think. Last I knew directors were supposed to give and offer guidance right? How do I get one of those naïve board or CEO director jobs I wonder:) BD
CHICAGO (CN) - Business titan Edgar Bronfman is lead defendant in a shareholder derivative complaint against Accretive Health and 10 of its directors, who are accused of concealing the company's "deplorable" debt collection practices, which allegedly discouraged patients from seeking life-saving treatments and violated medical privacy laws.
Lead plaintiff Jeffrey Goodwin sued Edgar Bronfman, Accretive Health, nine other corporate officers in Cook County Court. One of the director defendants is former Secretary of State George Shultz, a director emeritus of Accretive. Bronfman, the CEO of Warner Music Group, is a director of Accretive Health, which "provides revenue cycle management services for hospitals and healthcare providers in the United States," according to the complaint.
Goodwin seeks damages for breach of fiduciary duty and proposes new procedures to improve internal oversight of Accretive's corporate officers. He also seeks restitution of all profits and benefits obtained by the individual defendants.
Also named as defendants are Accretive directors Michael Cline, Steven Kaplan, Stanley Logan, Denis Nayden, George Shultz, Arthur Spiegel, and Mark Wolfson, and CEO Mary Tolan and CFO John Staton.