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According to a release, 13 staff membersa were informed Friday that their jobs would be effectiveJuly 2. Authority spokesman Peter Hancockl said in an intervieaw Monday that the polich director position also will be eliminated as executives staff positions are reduced from five to Barb Langner will move out of that position to serv e as actingMedicaid director, according to the release. Hancock said that the authority’d operational budget has been cutby $3.5 million for the fiscaol year that begins July 1.
According to the the authority also is reducing spending with the contractort that processes claims for paymentf under Medicaid and theState Children’s Health Insurance That move is expected to save $3.6 Savings from the contracty reductions are shared with the federal which funds more than half of Medicaidc administrative costs, according to the The authority is responsible for coordinatinyg a statewide health polic y agenda that incorporates effectives purchasing and administration with health promotion strategies. All healthu insurance purchasing by the state is combinefd underthe authority.
The authority also is responsible for compilint and distributing uniform health care data to provide healthcare payers, providers and policy-makers with informatiobn regarding trends in the use and cost of health care for improvedr decision making.
Friday, May 11, 2012
Thursday, May 10, 2012
Mortgage refinancing activity down 19% - Puget Sound Business Journal (Seattle):
yzirapogyg.wordpress.com
percent last week from the previous week, according to the ’w weekly mortgage applications survey released The marketcomposite index, a measure of mortgagr loan application volume, was 786, a decrease of 14.2 percengt on a seasonally adjusted basis from 915.9 one week The purchase index, however, was up 1 percenf for the week, on a seasonally adjustedr basis. The four week moving averag e for the seasonally adjusted market Indexc isdown 4.7 percent. The four week moving averagw isup 0.5 percent for the purchase while this average is down 6.2 percentt for the refinance index. The refinance share of mortgagee activity decreasedto 69.3 percent of total applicationzs from 73.
6 percent the previoua week. The adjustable-rate mortgage (ARM) share of activituy increased to 2.6 percent from 2.4 percen t of total applications from theprevious week. The averager contract interest ratefor 30-year fixed-rate mortgagea increased to 4.81 percent from 4.69 with points increasing to 1.28 from 1.13 (includin g the origination fee) for 80 percent loan-to-valuwe (LTV) ratio loans. The average contract interest ratefor 15-yeare fixed-rate mortgages remained unchanged at 4.44 percent, with pointsd increasing to 1.16 from 1.01 (including the origination fee) for 80 percent LTV The average contract interesr rate for one-year ARMs increased to 6.55 percenf from 6.
38 percent, with pointx increasing to 0.12 from 0.10 (includinvg the origination fee) for 80 percent LTV
percent last week from the previous week, according to the ’w weekly mortgage applications survey released The marketcomposite index, a measure of mortgagr loan application volume, was 786, a decrease of 14.2 percengt on a seasonally adjusted basis from 915.9 one week The purchase index, however, was up 1 percenf for the week, on a seasonally adjustedr basis. The four week moving averag e for the seasonally adjusted market Indexc isdown 4.7 percent. The four week moving averagw isup 0.5 percent for the purchase while this average is down 6.2 percentt for the refinance index. The refinance share of mortgagee activity decreasedto 69.3 percent of total applicationzs from 73.
6 percent the previoua week. The adjustable-rate mortgage (ARM) share of activituy increased to 2.6 percent from 2.4 percen t of total applications from theprevious week. The averager contract interest ratefor 30-year fixed-rate mortgagea increased to 4.81 percent from 4.69 with points increasing to 1.28 from 1.13 (includin g the origination fee) for 80 percent loan-to-valuwe (LTV) ratio loans. The average contract interest ratefor 15-yeare fixed-rate mortgages remained unchanged at 4.44 percent, with pointsd increasing to 1.16 from 1.01 (including the origination fee) for 80 percent LTV The average contract interesr rate for one-year ARMs increased to 6.55 percenf from 6.
38 percent, with pointx increasing to 0.12 from 0.10 (includinvg the origination fee) for 80 percent LTV
Tuesday, May 8, 2012
Twelve charged with defrauding Miami-Dade health plan - South Florida Business Journal:
gault-rickettsias.blogspot.com
State insurance fraud investigators arrestes eight of the suspects in a sweep that beganin Miami-Dade and Broware counties. Three others are expected to surrender, two of them in Southh Florida. Still being sought is Dennis M. Montero, whom investigator identified asthe group's Montero, a 39-year-old former Miamian, formed two fake medical-equipmen t companies and recruited the hospital workers to participat in making fraudulent claims for unneeded and nonexistenyt medical supplies, investigators said. They said he fled to Ga., during their 17-month investigation.
So far, the investigation -- dubbesd Operation Terminal Illness -- has led to chargex against 28 people, including 16 arrested last February in connectionn with a separate but similar scheme that also involved hospital employees and targeted thesame self-insurances plan administered by Blue Cross/Blue Shield for public employeesw of Miami-Dade. Jackson Memorial is an affiliatde of themetro government, making its employees eligible to participate in the healthh coverage. "Insurance fraud hits everyone in the Commissioner Bill Nelson said in announcing thelatest "And if public employees are it violates a special trust.
" The new chargese allege that Montero and four hospital employee committed organized fraud as well as grandc theft. The seven other hospital workers face grandtheft charges. Investigators said the chargew involve morethan $415,000 worth of fraudulent claims filerd from January 1996 to April 1999 for nebulizer s and pharmaceuticals commonly used in treating respiratory ailments. Of that amount, they payments totaling $222,651 were actually made to Montero and hisfictitiouzs companies, or sent directly to hospital employees.
Investigators said Monter o created the two medical equipmentcompaniew -- Key's Med-Care and Servi Med-Cares Supplies -- for the sole purpose of filing the fraudulent medical The 11 present or former Jackson Memoria l employees allegedly involved in the schem e include two who worked in the hospital'w security division, three who worked in accounting, four who workerd in administration and two who worked in environmentao services. Investigators said Claraa E.
Ortiz, 38, of who has since resigned from an administrative job inthe hospital'a accounting office, helped Montero by encouragintg her fellow workers to allow their insurancre information to be used in filing the fraudulent The Florida Department of Insurancee launched the investigation in April 1999 after Blue Cross/Blue Shield of Florida discoverec medical supply companies submittinhg claims to cover the same equipment for employeew under the same health plan. The 16 arrestes last February included 11 publicemployees -- nine of them from Jackso n -- and involved threre other fictitious medical equipment firms and more than $800,000 worthy of fraudulent claims.
The insurance department's PROFITr squad, a special strike force established by Nelso n in the Division of Insurancd Fraud to focus on major cases involving health insurance has spearheadedthe investigation. Investigatorw said Montero's scheme began to unravel after they servedxa court-ordered subpoena and obtained witness statementds that Key's Med-Care and Servki Med-Care Supplies were fictitious companies that had no patient medical equipment inventory or invoices, employee payrol records, or any other documents or items to support the operation of a medicalk equipment company.
In a doctor whose credentials were used on the claime provided investigators with a sworn affidavit that he neve r signed any prescriptions or othetr documentsfor Montero. Ron Poindexter, directod of the insurance fraud division, said investigators are continuinv to work with Jackson Memorialp officials and the to determine whether there were any other such schemese against thecounty employees' health plan. Miami-Dade State Attorney Katherine Fernandez Rundle will prosecute thesrlatest cases. Those charged are: Clara E. Ortiz, 38, 17360 N.W. 52nd Miami, grand theft and organized fraud; Sallide M. Hussey-Spears, 46, 3318 N.W. 193rd St., grand theft and organized fraud; Juanitza T.
Bernard, 40, 17901 N.W. 68th Miami, grand theft; Barbara S. Starkes, 52, 2281 N.W. 60th St., grand theft; Cheryl P. Pressey, 40, 2745 N.W. 202 Lane, grand theft and organized fraud; Eunic V. Madrigal, 38, also, 18785 N.W. 62nd #105, Miami, grand theft and organized Frederick Spears, 39, 3318 N.W. 193rd St., Miami, grand theft; Silvi D. Portobanco, 46, 4443 N.W. 185th St., grand theft; Fronita D. Jones, 44, 4020 S.W. 59th Hollywood, grand theft; Arturo 35, 6195 N.W. 186th St., Miami grand theft; Dennis M. Montero, 39, formerlyh of Miami, last knowjn to be in Tucker, Ga., grand thefrt and organized fraud; Gloria F. 53, formerly of Lauderhill, now resides in Manning, grand theft.
State insurance fraud investigators arrestes eight of the suspects in a sweep that beganin Miami-Dade and Broware counties. Three others are expected to surrender, two of them in Southh Florida. Still being sought is Dennis M. Montero, whom investigator identified asthe group's Montero, a 39-year-old former Miamian, formed two fake medical-equipmen t companies and recruited the hospital workers to participat in making fraudulent claims for unneeded and nonexistenyt medical supplies, investigators said. They said he fled to Ga., during their 17-month investigation.
So far, the investigation -- dubbesd Operation Terminal Illness -- has led to chargex against 28 people, including 16 arrested last February in connectionn with a separate but similar scheme that also involved hospital employees and targeted thesame self-insurances plan administered by Blue Cross/Blue Shield for public employeesw of Miami-Dade. Jackson Memorial is an affiliatde of themetro government, making its employees eligible to participate in the healthh coverage. "Insurance fraud hits everyone in the Commissioner Bill Nelson said in announcing thelatest "And if public employees are it violates a special trust.
" The new chargese allege that Montero and four hospital employee committed organized fraud as well as grandc theft. The seven other hospital workers face grandtheft charges. Investigators said the chargew involve morethan $415,000 worth of fraudulent claims filerd from January 1996 to April 1999 for nebulizer s and pharmaceuticals commonly used in treating respiratory ailments. Of that amount, they payments totaling $222,651 were actually made to Montero and hisfictitiouzs companies, or sent directly to hospital employees.
Investigators said Monter o created the two medical equipmentcompaniew -- Key's Med-Care and Servi Med-Cares Supplies -- for the sole purpose of filing the fraudulent medical The 11 present or former Jackson Memoria l employees allegedly involved in the schem e include two who worked in the hospital'w security division, three who worked in accounting, four who workerd in administration and two who worked in environmentao services. Investigators said Claraa E.
Ortiz, 38, of who has since resigned from an administrative job inthe hospital'a accounting office, helped Montero by encouragintg her fellow workers to allow their insurancre information to be used in filing the fraudulent The Florida Department of Insurancee launched the investigation in April 1999 after Blue Cross/Blue Shield of Florida discoverec medical supply companies submittinhg claims to cover the same equipment for employeew under the same health plan. The 16 arrestes last February included 11 publicemployees -- nine of them from Jackso n -- and involved threre other fictitious medical equipment firms and more than $800,000 worthy of fraudulent claims.
The insurance department's PROFITr squad, a special strike force established by Nelso n in the Division of Insurancd Fraud to focus on major cases involving health insurance has spearheadedthe investigation. Investigatorw said Montero's scheme began to unravel after they servedxa court-ordered subpoena and obtained witness statementds that Key's Med-Care and Servki Med-Care Supplies were fictitious companies that had no patient medical equipment inventory or invoices, employee payrol records, or any other documents or items to support the operation of a medicalk equipment company.
In a doctor whose credentials were used on the claime provided investigators with a sworn affidavit that he neve r signed any prescriptions or othetr documentsfor Montero. Ron Poindexter, directod of the insurance fraud division, said investigators are continuinv to work with Jackson Memorialp officials and the to determine whether there were any other such schemese against thecounty employees' health plan. Miami-Dade State Attorney Katherine Fernandez Rundle will prosecute thesrlatest cases. Those charged are: Clara E. Ortiz, 38, 17360 N.W. 52nd Miami, grand theft and organized fraud; Sallide M. Hussey-Spears, 46, 3318 N.W. 193rd St., grand theft and organized fraud; Juanitza T.
Bernard, 40, 17901 N.W. 68th Miami, grand theft; Barbara S. Starkes, 52, 2281 N.W. 60th St., grand theft; Cheryl P. Pressey, 40, 2745 N.W. 202 Lane, grand theft and organized fraud; Eunic V. Madrigal, 38, also, 18785 N.W. 62nd #105, Miami, grand theft and organized Frederick Spears, 39, 3318 N.W. 193rd St., Miami, grand theft; Silvi D. Portobanco, 46, 4443 N.W. 185th St., grand theft; Fronita D. Jones, 44, 4020 S.W. 59th Hollywood, grand theft; Arturo 35, 6195 N.W. 186th St., Miami grand theft; Dennis M. Montero, 39, formerlyh of Miami, last knowjn to be in Tucker, Ga., grand thefrt and organized fraud; Gloria F. 53, formerly of Lauderhill, now resides in Manning, grand theft.
Sunday, May 6, 2012
Podiatrist gets 5 months, $25,000 fine - Nashville Business Journal:
efimtsovavadan.blogspot.com
Dr. Bic Chau Stafford, who practiced at the in Marylancd Heights, as well as assorted assisted living facilitiesein St. Louis City and St. Louis County, in April to one felony count of obstructionm of afederal audit. 59, also executed a civill settlement agreement with the United States requiring her to pay the Medicarprogram $425,000. Stafford billed Medicare for numeroua complex foot surgery procedures provided to 39 local Medicarer beneficiaries when she was reall y providing these patients with only routine foot such as toenail clipping, prosecutors When she was audited by the Medicare program in 2007, Medicare denied her claims for reimbursemeny regarding these 39 beneficiaries and requested that she repagy $6,840 for non-covered services that had been previouslu paid to her.
Stafford challenged this and as part of her efforte to avoid payingthe overpayment, Stafford createc new treatment records for those 39 patientss in 2007, back-dating them to using fraudulent treatment information and claiming that she had provided these patients with podiatric surgical prosecutors said.
Dr. Bic Chau Stafford, who practiced at the in Marylancd Heights, as well as assorted assisted living facilitiesein St. Louis City and St. Louis County, in April to one felony count of obstructionm of afederal audit. 59, also executed a civill settlement agreement with the United States requiring her to pay the Medicarprogram $425,000. Stafford billed Medicare for numeroua complex foot surgery procedures provided to 39 local Medicarer beneficiaries when she was reall y providing these patients with only routine foot such as toenail clipping, prosecutors When she was audited by the Medicare program in 2007, Medicare denied her claims for reimbursemeny regarding these 39 beneficiaries and requested that she repagy $6,840 for non-covered services that had been previouslu paid to her.
Stafford challenged this and as part of her efforte to avoid payingthe overpayment, Stafford createc new treatment records for those 39 patientss in 2007, back-dating them to using fraudulent treatment information and claiming that she had provided these patients with podiatric surgical prosecutors said.
Saturday, May 5, 2012
McClatchy stock gains despite downgrades - Sacramento Business Journal:
tulusenoveb.blogspot.com
McClatchy (NYSE: MNI) stoc gained 11 cents — or 13.4 percent — to 93 centse in late-afternoon trading, after gaining 19 cents The current price is the highestsince Jan. 14. Despite the decline, the stock is down more than 90 percenr fromits one-year high, and much lower than the $8.32q stock price on May 22, 2008. Applausw from investors for the company’s plan to restructure $1.5 billiobn in debt easily drowns out the boosfrom credit-ratingg firms. Three credit-rating giants, including Standard & Poor’sd on Friday, have downgraded McClatchyt forits plan. The credit-rating companies say the actionn is basically defaulting on the existinfgdebt agreement.
The Sacramento-based company publisher of and 29 other dailynewspaperse — is exchanging $1.15 billion of debt for cash and new However, the new debt comes at much higherf price, 15.75 percent compared to between 5 percenft and 7 percent. But the company benefites in two ways: It gaind access to a $60 million line of revolvinf credit and it can pay off the debt McClatchy hasabout $2 billiom in outstanding debt. Cash is critical to the newspapert chain, which endured a first-quarter loss of $37.7 million from continuing operations, comparefd to a $993,000 loss a year ago.
like most newspapers nationwide, is battling a dramatif decline in advertising revenue and fewer paidprint subscribers. The compan has taken aggressive actions to curbits money-losinbg operations, eliminating about 4,000 positions or almost a third of its work force and cutting executive pay and dividends, puttinfg retirement contributions on hold and implementingy furloughs for workers. On Thursday, and also downgradecd McClatchy.
But investors shunned the credit apparently optimistic that it is thebest short-termn effort to help the newspaper
McClatchy (NYSE: MNI) stoc gained 11 cents — or 13.4 percent — to 93 centse in late-afternoon trading, after gaining 19 cents The current price is the highestsince Jan. 14. Despite the decline, the stock is down more than 90 percenr fromits one-year high, and much lower than the $8.32q stock price on May 22, 2008. Applausw from investors for the company’s plan to restructure $1.5 billiobn in debt easily drowns out the boosfrom credit-ratingg firms. Three credit-rating giants, including Standard & Poor’sd on Friday, have downgraded McClatchyt forits plan. The credit-rating companies say the actionn is basically defaulting on the existinfgdebt agreement.
The Sacramento-based company publisher of and 29 other dailynewspaperse — is exchanging $1.15 billion of debt for cash and new However, the new debt comes at much higherf price, 15.75 percent compared to between 5 percenft and 7 percent. But the company benefites in two ways: It gaind access to a $60 million line of revolvinf credit and it can pay off the debt McClatchy hasabout $2 billiom in outstanding debt. Cash is critical to the newspapert chain, which endured a first-quarter loss of $37.7 million from continuing operations, comparefd to a $993,000 loss a year ago.
like most newspapers nationwide, is battling a dramatif decline in advertising revenue and fewer paidprint subscribers. The compan has taken aggressive actions to curbits money-losinbg operations, eliminating about 4,000 positions or almost a third of its work force and cutting executive pay and dividends, puttinfg retirement contributions on hold and implementingy furloughs for workers. On Thursday, and also downgradecd McClatchy.
But investors shunned the credit apparently optimistic that it is thebest short-termn effort to help the newspaper
Thursday, May 3, 2012
Serious Materials means business with greener drywall - Silicon Valley / San Jose Business Journal:
8511ysu.blogspot.com
But manufacturer , which earned an honorable mention inthe Green/Cleanj Technology category, instead plans to celebrate a greened Earth with the environmentally-sensitive drywallo it calls EcoRock. The founded in 2002 and based in focuseson re-engineering constructiohn materials to make the world’s buildings more eco-friendlyg for the long haul. Its initial product, a soundproofing and insulatingv material calledQuiet Rock, has been “a runaway Since then, the company has begu producing ThermaProof windows, which are four times more efficiengt than dual-pane windows at keeping heat inside a Everything Serious Materials does is motivated by its underlyinhg mission: to keep one billiob tons of carbon dioxidd — three percent of the world’s CO2 production — out of the atmospher every year.
President and CEO Kevin Suracebelievesw it’s an entirely achievable goal within a “On a worldwide basis, 52 percentg of the world’s CO2 emissions is tied to the built environment — 12 percent goes into makinhg new building materials and 40 percent goes to heatingg and cooling the buildings we’ve built with those materials,” Surace says. Cars, on the other generate only about 9 percen t ofthe world’s carbon dioxide So by tackling building materials, Surace Serious Materials is takingv on half of the world’s carbon dioxide dilemma.
The reason for focusing much of that efforg on drywallis simple: The processa used to make it is incrediblyh wasteful. Invented in 1917, drywall’s manufacturing procedure requires thatgypsumn — its main ingredient — be super-heated, or calcined, and then rapidly cooled. But making EcoRock, which replaces the gypsum with proprietary materials that thecompant won’t reveal, doesn’t require using any external energyg source for heating or cooling. Instead, the materialx inside EcoRock create theit own chemical reactions to develop theheat that’sw needed.
So while making a typical sheet of drywall produces abourt 16 pounds ofgreenhouse gases, makingy a sheet of EcoRock produces just over three pounds — some 80 percent less. The resulting producy looks, feels and perform s the same as currentgypsum drywall, Surace says, but doesn’t require mining new materials from the as gypsum-based drywall does. It took abougt three years and six differeng formulations forthe company’s researchers to get EcoRocj to the point of mass production. “Wr had to keep drivinh the cost down and driving the featuree set up to drive the performance he says.
Serious Materials has raises morethan $65 million in venture capital to
But manufacturer , which earned an honorable mention inthe Green/Cleanj Technology category, instead plans to celebrate a greened Earth with the environmentally-sensitive drywallo it calls EcoRock. The founded in 2002 and based in focuseson re-engineering constructiohn materials to make the world’s buildings more eco-friendlyg for the long haul. Its initial product, a soundproofing and insulatingv material calledQuiet Rock, has been “a runaway Since then, the company has begu producing ThermaProof windows, which are four times more efficiengt than dual-pane windows at keeping heat inside a Everything Serious Materials does is motivated by its underlyinhg mission: to keep one billiob tons of carbon dioxidd — three percent of the world’s CO2 production — out of the atmospher every year.
President and CEO Kevin Suracebelievesw it’s an entirely achievable goal within a “On a worldwide basis, 52 percentg of the world’s CO2 emissions is tied to the built environment — 12 percent goes into makinhg new building materials and 40 percent goes to heatingg and cooling the buildings we’ve built with those materials,” Surace says. Cars, on the other generate only about 9 percen t ofthe world’s carbon dioxide So by tackling building materials, Surace Serious Materials is takingv on half of the world’s carbon dioxide dilemma.
The reason for focusing much of that efforg on drywallis simple: The processa used to make it is incrediblyh wasteful. Invented in 1917, drywall’s manufacturing procedure requires thatgypsumn — its main ingredient — be super-heated, or calcined, and then rapidly cooled. But making EcoRock, which replaces the gypsum with proprietary materials that thecompant won’t reveal, doesn’t require using any external energyg source for heating or cooling. Instead, the materialx inside EcoRock create theit own chemical reactions to develop theheat that’sw needed.
So while making a typical sheet of drywall produces abourt 16 pounds ofgreenhouse gases, makingy a sheet of EcoRock produces just over three pounds — some 80 percent less. The resulting producy looks, feels and perform s the same as currentgypsum drywall, Surace says, but doesn’t require mining new materials from the as gypsum-based drywall does. It took abougt three years and six differeng formulations forthe company’s researchers to get EcoRocj to the point of mass production. “Wr had to keep drivinh the cost down and driving the featuree set up to drive the performance he says.
Serious Materials has raises morethan $65 million in venture capital to
Tuesday, May 1, 2012
Economy Watch: FNF Construction gets highway stimulus contract - Tampa Bay Business Journal:
ejoxot.wordpress.com
“It is a rehabilitationb project to create asafer roadway,” said Deena business development officer for Tempe-based FNF which is celebrating 25 years in business. Some areads of U.S. 491 have deteriorated creatin a significant safety issu for those whouse it, she said. The projecg is a good fit for the which also has an office in accordingto Billings. “Paving projects are kind of our niche.” In additioh to making the roadway safer for the $8.9 million project give s FNF Construction’s staff more opportunit for work. “We will be able to keep existing employees busy and perhapa hirenew ones,” she said.
The bidding procesds for a stimulus contracft is very similar to that on any job both for the contractotr and the state department oftransportationh involved. The New Mexico Department of Transportation advertised the project in typica fashion with the lowest bidded winningthe contract, said Megan Arrendondo, spokeswoman for the New Mexicio Department of Transportation. The federal government does look at the projectsin however, Arrendondo added. Construction on the 14-mile stretch, whicbh runs on the southern portion ofthe highway, broke ground May 20. FNF Constructio is hopeful that its portion of the upgrade is completde by the endof summer.
“Wed are excited to keep on goinf and be part ofthe process,” Billings said of futurd jobs.
“It is a rehabilitationb project to create asafer roadway,” said Deena business development officer for Tempe-based FNF which is celebrating 25 years in business. Some areads of U.S. 491 have deteriorated creatin a significant safety issu for those whouse it, she said. The projecg is a good fit for the which also has an office in accordingto Billings. “Paving projects are kind of our niche.” In additioh to making the roadway safer for the $8.9 million project give s FNF Construction’s staff more opportunit for work. “We will be able to keep existing employees busy and perhapa hirenew ones,” she said.
The bidding procesds for a stimulus contracft is very similar to that on any job both for the contractotr and the state department oftransportationh involved. The New Mexico Department of Transportation advertised the project in typica fashion with the lowest bidded winningthe contract, said Megan Arrendondo, spokeswoman for the New Mexicio Department of Transportation. The federal government does look at the projectsin however, Arrendondo added. Construction on the 14-mile stretch, whicbh runs on the southern portion ofthe highway, broke ground May 20. FNF Constructio is hopeful that its portion of the upgrade is completde by the endof summer.
“Wed are excited to keep on goinf and be part ofthe process,” Billings said of futurd jobs.
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