The Latest in Finance from CFO
Kindred Healthcare, the largest U.S. nursing home therapy provider, has agreed to pay $125 million to settle federal charges that it provided unreasonable and unnecessary services to patients to inflate Medicare billings.
In announcing the settlement, the Department of Justice said Tuesday that Kindred’s RehabCare unit had a policy of setting unrealistic financial goals and scheduling therapy to achieve the highest reimbursement level regardless of the clinical needs of its patients. Read more.
American Airlines on Tuesday said it would take a $592 million write-off in its fourth quarter on the Venezuelan currency it holds due to the continued economic deterioration in that country. The Fort Worth, Texas-based airline is the latest multinational company to be affected by the fall in the bolivar, which is down sharply against the U.S. dollar this year, according to The Wall Street Journal.
A Reuters article said that the South American country’s socialist government had compelled carriers to sell tickets in bolivars but made reconverting the sales into U.S. dollars difficult. Globally, airlines have around $3.7 billion trapped in Venezuela as a result of its 12-year-old currency control system, according to the International Air Transport Association. Read more.
The company’s revenue took a hit from sharply lower aluminum prices as it prepares to split into two standalone entities.
The industry may have more capacity to cut as some analysts are projecting depressed crude oil prices through 2016.
Data icebergs, drones, augmented reality, information on everything, the API economy — it should be a fascinating year.
After 28 years with Arthur Andersen and 14 with Marriott, the acquisition of Starwood Hotels serves as a resounding last hurrah.
Globally, airlines have around $3.7 billion trapped in Venezuela as a result of its 12-year-old currency control system.
Dollar commitments hit $28.2 billion, well above the annual average since 2006, said Thomson Reuters and the NVCA.
Patients “are entitled to receive care that is dictated by their clinical needs rather than the fiscal interests of healthcare providers,” said the DoJ.
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