The name will remain the same at HealthSouth Corp., but plenty else will change under a restructuring announced Monday as the medical services company continues its recovery from a $2.7 billion fraud.
Unfortunately, greed by any other name is still greed.
I'm generally a defender of corporation's rights to operate as they see fit, without interference, but it's getting harder.
Fifteen former executives pleaded guilty to falsifying financial records, and a 16th was convicted by a jury. HealthSouth founder and longtime CEO Richard Scrushy was ousted from the company, but jurors acquitted him last year on all charges.
And from the "bit of an understatement" department...
CEO Jay Grinney said studies found “a bit of a blemish” on the HealthSouth name around its hometown of Birmingham, but the company’s reputation was mostly intact nationally.
It's a darn shame for the hard-working people at HealthSouth. Major changes are now required.
HealthSouth, which started as a rehabilitation company and diversified through a growth period that ended in the fraud, said it is considering selling or spinning off its outpatient rehabilitation division, its surgery centers and diagnostics operations.
Their focus will change to the more sure payers, methinks.
While the clinics are the most visible part of the business to the general public, he said, the medical community is more focused on HealthSouth’s post-acute care centers, which generally specialize in intensive therapy for older patients, most of whom are on Medicare.
Medicare. ie., the government - who may pay less, but who always pays.
Sigh...
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