Month: June 2018

Theranos News Gets Worse for the Former Silicon Valley Hero

CEO SUMMARY: In a tale of two fraudsters, the Department of Justice has filed a warning shot to all technology startups: Criminal indictments against Elizabeth Holmes and Ramesh “Sunny” Balwani could mean prison time and massive fines. In this latest Theranos news, The DOJ cited harm to investors, doctors and patients by the two company …

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Theranos’ Elizabeth Holmes Prepares to Meet Justice

IT’S NOW CLEAR THAT TWO CLINICAL LABORATORY EXECUTIVES COMMITED one of the largest corporate fraud schemes in the past century. Reading the federal indictments against Elizabeth Holmes and Ramesh “Sunny” Balwani unsealed Friday provides insights into the extensive scale and wide scope of the alleged fraud the two Theranos executives perpetrated against patients, doctors, and …

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Holmes, Balwani Indicted by Department of Justice

CEO SUMMARY: Federal criminal indictments were unsealed last Friday in San Francisco against Elizabeth Holmes and Ramesh “Sunny” Balwani for their actions as executives at Theranos, Inc., the once high-flying lab test company. Officials at the Department of Justice said the counts against Holmes and Balwani are based on the alleged actions of each to …

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Hospital Lab Outreach Still Effective Revenue Strategy

CEO SUMMARY: Despite the challenges hospital and health system laboratory outreach programs face today, there are many ways they can remain viable, according to an outreach expert from Mayo Medical Laboratories. By taking specific steps to increase volume and the value they provide, lab outreach programs can keep their costs down while bringing in more …

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In Lawsuit Against HHS, ACLA Has Strong Positions

CEO SUMMARY: Rulings from Judge Amy Berman Jackson of the U.S. District Court in Washington, D.C., are expected soon in the ACLA’s lawsuit against HHS concerning the PAMA final rule that set the course for the new Medicare CLFS rates implemented in January 2018. One lawyer following the lawsuit explains that ACLA has presented strong …

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Inconsistent Billing Causes Patients to Find New Providers

THERE IS A NEW SOURCE OF LOST BUSINESS for physicians, clinical laboratories, and others. Patients are losing patience with confusing bills from their providers and opting to find new providers who offer simple, clear, and consistent bills. This turnover in patients was one key finding in a recently-published report. The report, issued by InstaMed, a …

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Myriad to Buy Counsyl, to Gain Presence in NIPS Test Sector

LATE LAST MONTH, Myriad Genetics Inc. announced a definitive agreement to acquire Counsyl, Inc., an innovative genetic testing company in South San Francisco, Calif., for $375 million. In a deal that is expected to close by early next year, Myriad will use a combination of cash and common stock. Founded in 2007, Counsyl offers carrier …

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June 18, 2018 Intelligence: Late Breaking Lab News

In New Jersey last week, David Nicoll, 44, the former owner of Biodiagnostic Laboratory Services (BLS) of Parsippany, N.J. was sentenced to 72 months in a federal prison. On the same day, his brother, Scott Nicoll, 37, who also worked at BLS, was sentenced to 43 months in prison. Both had previously pled guilty to U.S. …

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