Penn Little is an entrepreneur, researcher, investor, writer, and investigative journalist.Hailing from the small town of Springer, Oklahoma, Penn first began "investing" in the 5th grade, when his group won the 3rd place in a Dallas Morning News-sponsored stock picking contest. As a leading provider of behavioral healthcare services in the United States and Puerto Rico, Acadia Healthcare operates 246 treatment facilities across 39 states. Last year, the location's top physician since 2012 resigned, citing the decline of the facility under Acadia. While both acts were written with the clear intention of ensuring that people with MH and SUD would receive adequate care, it was passed without clear economic foresight. These are but an example of abuses that are prevalent in the for-profit psychiatric/behavioral system prompting CCHRs recent report, Child Rapes, Suicides, Deaths and Hundreds of Millions of Dollars in Healthcare Fraud in the For-Profit Behavioral Industry, calling for greater government oversight and stronger penalties for violations of patient care, rights and insurance. Net cash provided by operating activities for the first half of 2018 was $217 million. Acadia, acting through its subsidiary, CRC Health, L.L.C. Acadia Healthcare Company, Inc. today announced financial results for the fourth quarter and year ended December 31, 2022. Most drug addicts are treated through Substance Use Disorder centers. Huntington, WV 25701, Charleston: (304) 345-2200 There appears to be an acceptable level of patient abuse and sexual abuse because thats the norm in the mental health industry. The company cannot continue to acquire and grow successfully when many departments are understaffed and employees are suffering/completely maxed out on what they can do. But, as a profit measure, it worked. 6100 Tower . Acadia Healthcare's behavioral health treatment facilities specialize in helping children, teenagers, and adults who are suffering from mental health disorders and/or alcohol and drug addiction. I/we have no positions in any stocks mentioned, but may initiate a short position in ACHC, UHS, AAC over the next 72 hours. Our Mission But after the act, insurers became required to treat MH/SUD services with parity, meaning they have to provide the exact same coverage for MH/SUD services as they do for medical and surgical benefits. From January 2012 through July 2018, the lawsuit alleged the Acadia centers used a California lab to conduct urine and blood analysis, then billed Medicaid directly for the services paying the San Diego lab out-of-pocket for its services. This settlement is just one example of the great results from our collaboration and hopefully it will have a positive effect on the people of West Virginia, Schoeman added. Both facilities are still open. for violations of Sections 14 and 20 of the Securities Exchange Act of 1934 (Exchange Act), and as a class action for breaches of fiduciary duties, unjust enrichment and rescission in connection with the proposed sale of PSI to Universal Health Services, Inc. He tries to keep his golf game in shape and is a loyal fan of his alma mater's Oklahoma Sooner football team.Disclosure: Katie Mikles (SeekingAlpha Contributor) and I are colleagues and partners from a journalistic and entrepreneurial standpoint as well as personal friends. This was a result of his recovery from after struggling with behavioral health disorders and the consequences of his maladaptive behaviors resulting from unresolved trauma.Succumbing to these taught what he says are "the best lessons I ever learned." Acadia is nearing a high-risk of default, and logically, would soon be unable to continue to borrow for growth. era at Psychiatric Solutions, "Used to Be Better, Now It's Just About Acquiring as Much as Possible,", "Short staffed to the point that patients are put in danger,", no bank has ever issued a sell rating. Acadia Healthcare operates 10,200 beds spanning 230 facilities in 41 American states and territories. As of June 30, 2022, Acadia operated a network of 246 behavioral healthcare facilities with approximately 10,800 beds in 39 states and Puerto Rico. In 2015, American Addiction Centers ((AAC)) was charged with murder in California the first-ever corporation to be charged with second-degree murder. 3.9. Of the $17 million settlement, nearly $2.2 million will be paid directly to the State of West Virginia. Acadia gets most of its business from referrals. Only Channel 2 Action News was there when detectives pulled evidence and questioned employees.. Rate It! The Commission bases its accreditation on surveys paid for by the hospitals. This epidemic in the United States exploded throughout the mid-2010s, skyrocketing the number of Substance Use Disorder (SUD) centers. 19,200. [6], When allegations are substantiated, in most situations, the facility is required to submit an acceptable plan of correction to the Department, ADHS told The Capitol Forum. Police spent hours searching and seizing patient records and computers, as well as interviewing workers at the administrative office. Residential treatment at Timberline Knolls includes a state-approved school for adolescents and 24-hour, 7 day per week medical care. 1. labor relations violation. This station is part of Cox Media Group Television. At Rolling Hills, he suffered two fractured vertebrae, a dislocated shoulder and a broken foot and never recovered. GWINNETT COUNTY, Ga. More than 50 local police officers raided a local mental health hospital. 3. Los Angeles, CA 90028 800-869-2247 323-467-4242 323-467-3720 Fax. Prosecutors say that treatment centers frequently illegally waive co-pays and deductibles, telling patients and parents that insurance will cover everything. Naturally, investment firms jumped on the opportunity. Sexual assault against patients is alleged to have occurred as well. Medicaid fraud is not a victimless crime. Here is the full statement from Lakeview Behavioral and Acadia Healthcare on todays search warrant by @GwinnettPd @wsbtv pic.twitter.com/0QdlzDYH6i. As a result, reputable clinicians are willing to refer to Acadia less and less. An official website of the United States government. Acadia Healthcare is an American provider of behavioral healthcare services. Medicaid regulations and policies specifically prohibited Acadias treatment centers from seeking reimbursement for moderate and complex urine and blood testing which they were not certified to perform, and did not, in fact, perform. Acadia (Nasdaq: ACHC) operates close to 600 facilities in 40 states and the United Kingdom, and is Middle Tennessee's fifth-largest publicly traded health care company, with $2.84 billion of . He has come to enjoy and find a passion for learning and writing about various verticles including energy and transportation.Penn is a proud graduate of Culver Military Academy in Culver, Indiana. The American Hospital Association and American Medical Association are among the 11 organizations signing the letter. An alleged cover-up attempt at the hospital by not reporting the deaths of patients to the facility's governing body. The Capitol Forum also spoke to three former Oasis employees who worked at the facility during the time frame covered by the documents. WEST BLOOMFIELD, Mich., September 27, 2022 -- ( BUSINESS WIRE )--Henry Ford Health, one of the nation's premier academic and integrated health systems, and Acadia Healthcare, the nation's. Many patients and families are alleging various incidents of misconduct, which include wrongful death, sexual assault, and abuse/neglect of patients, some of whom are under 18. SHUT THIS PLACE DOWN BEFORE ANYONE ELSE IS KILLED. Too few staff members to treat patients appropriately. Yet Acadia has not made any purchases in the last two years, and they have begun to champion joint venture de novo projects like the one with St. Thomas Hospital in Nashville, for example. U.K. and U.S. government health contracts make up the bulk of the money paid to Acadia Healthcare. Acadia would suffer greatly from any changes in the regulatory environment. More than 50 local police officers raided a local mental health hospital. $6,908. MH/SUD Peers vs. S&P 500 (Normalized). For example, its time the Federal Medicaid and Medicare Services (CMS) review the reliability of the Joint Commission, a non-profit tax exempt organization, giving accreditation to hospitals as a condition of licensure for the receipt of Medicare and Medicaid reimbursements. Most importantly, after all of this, is anyone worried about the patients, their pension, or more importantly, the many children in care, separated from their families? 7, No. I am proud of DHHRs Medicaid Fraud Control Unit under the leadership of Director Michael Malone and its work with the United States Attorneys Office Southern District in combatting healthcare fraud and the opioid crisis and as a member of the innovative ARREST Task Force.. A lock ( Acadia is a leading provider of behavioral healthcare services across the United States. Medicare/Medicaid payments are critical for these predominantly high-debt firms to meet rising interest expenses. The company, which runs mental-health and addiction-treatment facilities, reported fourth-quarter net income of $63.1 million, or 67 cents a share, compared with $71.5 million, or . Editor's note: Seeking Alpha is proud to welcome Penn Little as a new contributor. Patient acceptance restrictions. So, it was not surprising when a research site named 'Aurelius Research' launched a site called 'Acadia Exposed' that has compiled relatively voluminous copies of pending litigation aimed at facilities Acadia owns, as well as the parent company itself. investigation by WXYZ of Detroit, MI, found: health inspectors from the Centers for Medicare and Medicaid Services, Wauds company paid $90 million for in 2012, the original inquiry, however, nothing has been addressed, lawsuits from the Jacobs et al. Carpenter didnt respond further. Before founding Bar Nothin' Capital Management, and then his research firm Bar Penn was the Co-founder and Managing Partner of Crestview Capital Partners LLC.At Crestview, the firm he co-founded in 2014, Penn led the charge to improve outcomes in mental and behavioral healthcare by scaling quality care models in the arena of community counseling. Inequities can be found in every facet of the industry, but targeting medical students and residents can help stem the tide. according to the Royal College of Nursing. Working here will land you with people's deaths on your conscience. 20,000 Employees We employ professionals who are dedicated to developing innovative ways to deliver individualized behavioral health treatment. See Debbie Osteen's compensation, career history, education, & memberships. Barred companies from rejecting those with pre-existing conditions. Combined, the two laws were meant to guarantee that all people suffering from addiction and mental health disorders could get access to the care they needed.