Accretive Health

Accretive Health, Inc.
Public
Traded as OTCQX: ACHI
Founded 2003
Headquarters Chicago, Illinois
Website www.accretivehealth.com

Accretive Health is one of the United States' largest hospital revenue cycle management companies[1] and sells this and other finance-related services to the healthcare industry. The company is located in Chicago, Illinois. The company provides end-to-end revenue cycle management solutions through proprietary operational processes, host-agnostic technology solutions and centralized shared service operations – capabilities include patient registration, insurance and benefit verification, clinical documentation and coding, billing and follow-up services.

History

Accretive Health was founded in 2003 by Mary Tolan and Michael Cline. Tolan served as the company's president, chief executive officer, and board director until 2013. Cline served as board chairman between 2009 and 2013.[2] In July 2011, an Accretive Health employee's laptop containing unencrypted patient data was stolen from their personal vehicle. In 2012, responding to a Senate inquiry, the company stated that nine thefts of patient data-bearing company laptops had occurred in 2011, and that 30 company laptops had lacked encryption.[3] As a consequence, in 2013, Accretive Health entered into a 20-year settlement with the Federal Trade Commission over its data security measures.[4][5] In July 2012, Accretive Health entered into a $2.5 million settlement with the Minnesota Attorney General following an investigation into the company's debt collection practices.[6] The company admitted no wrongdoing.[6] In April 2013, Mary Tolan stepped down[7] as CEO. Tolan was replaced by former Dell executive Stephen Schuckenbrock.[8] In March 2014, as a result missed financial restatements, Accretive Health was delisted from the New York Stock Exchange.[9] Over-the-counter trading continued. On July 21, 2014, Emad Rizk replaced Schuckenbrock as CEO.[10] In December 2014, the company restated certain previously filed financial statements[11] and, in June 2015, announced that they had completed their 2014 SEC filings[12] The company filed its 2015 Q2 10-Q with the SEC in August 2015.[12]

References

  1. ↑ Hirst, Ellen Jean (April 3, 2015). "Accretive CEO to seek resisting as it rebuilds". Chicago Tribune.
  2. ↑ Schorsch, Kristen (May 20, 2015). "Accretive Health plans board refresh". Crain's Chicago Business.
  3. ↑ Stawicki, Elizabeth (June 19, 2012). "Accretive's stolen laptop contained patient names, Swanson says". MPR News.
  4. ↑ "Accretive Health Reaches Accord With FTC Over Adequacy of Data Security Measures". Bloomberg BNA. January 6, 2014.
  5. ↑ "Accretive Health Settles FTC Charges That It Failed to Adequately Protect Consumers' Personal Information". ftc.gov. Federal Trade Commission. December 31, 2013.
  6. 1 2 Siddiqui, Zeba (July 30, 2012). "Accretive Health to exit Minnesota under settlement". Reuters.
  7. ↑ Wang, Andrew L. (November 13, 2013). "Accretive's Tolan stepping down as chairman". Crain's Chicago Business.
  8. ↑ Schorsch, Kristen; Corfman, Thomas A. (April 2, 2013). "Accretive replaces CEO Mary Tolan". Crain's Chicago Business.
  9. ↑ Frost, Peter (March 17, 2014). "Accretive Health delisted from NYSE". Chicago Tribune.
  10. ↑ "Accretive Health Appoints Emad Rizk, M.D., as President and CEO". Accretive Health. July 10, 2014.
  11. ↑ Kutscher, Beth (December 30, 2014). "Happy New Year: Accretive Health returns to the black… for 2013". Crain's Chicago Business.
  12. 1 2 "Accretive Health to Release 2014 Results and Host Conference Call on June 23". Business Wire. June 16, 2015.

External links

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