Lance Poulsen, former chief executive of National Century Financial Enterprises Inc., was convicted of defrauding investors of $2.9 billion before his healthcare financing company collapsed in 2002.
A federal jury found Poulsen guilty of fraud, conspiracy and money laundering. Poulsen cheated investors who bought National Century bonds to back the purchase of unpaid insurance bills from medical providers that needed cash, prosecutors said.
At the dawn of the 21st century the U.S. had $5.7 trillion in total debt. As we approach the end of George W. Bush's presidency only eight years later, that sum has nearly doubled. If you think things are bad now, that's nothing compared with the fiscal disaster that is bearing down on America, says David M. Walker, former U.S. Comptroller General. It's no longer an event in the misty future, he says, and it officially began earlier this year when teacher Kathleen Casey-Kirschling of Maryland became the first baby-boom retiree to collect Social Security benefits. She will be followed by about 78 million more boomers over the next 17 years.
Franklin, TN-based Hospital operator Community Health Systems Inc. announced its third-quarter profit almost quadrupled, helped by a 23% increase in admissions due primarily to expansion of its hospital network last year. The company posted a net profit of $50.4 million, or 53 cents per share, compared with a profit of $10.5 million, or 11 cents per share, a year ago.
One in five children living in Texas is without health insurance—the highest in the nation, according to a report released by Families USA. The study, "Left Behind: Texas's Uninsured Children," found that 1.4 million children, or 20.5% of the population aged 18 and under were without health insurance in the three years from 2005 to 2007. The number of uninsured children in the state grew by more than 33,000 between 2003 and 2007, according to the study.
Aetna has renewed a contract with South Seminole Behavioral Specialists, an Orlando Health physicians group for a period of three years. Aetna also recently renewed its hospital agreement with Orlando Health, a 1,780-bed system that includes Orlando Regional Medical Center, Arnold Palmer Hospital for Children, Winnie Palmer Hospital for Women and Babies, Lucerne Hospital, Dr. P. Phillips Hospital, South Lake Hospital, South Seminole Hospital, and M.D. Anderson Cancer Center Orlando.
The cost of employer-provided healthcare benefits in Colorado jumped 13.7% this year, the biggest rise since 2004, according to a survey by the Lockton Benefit Group. Part of the health insurance rate hike is being passed on to employees, the report showed. Almost 39% of companies in the survey have policies with deductibles of $500 or more, compared with the national average of $300. "Each year, the cost-shifting gets worse and worse," said Bill Lindsey, president of the Lockton Group in Denver, referring to higher premiums, deductibles and out-of-pocket payments being passed through to employees.