Companies in the News
Second Columbia/HCA prison term
Jay Jarrell, who led Columbia/HCA’s (Nashville, TN) southwest Florida division, was sentenced to 33 months in jail and must pay $1.7 million in fines and restitution, according to the St. Petersburg Times. Jarrell is the second Columbia/HCA official to be sentenced to jail. The first, Robert Whiteside, the company’s former director of reimbursement, was sentenced to two years in jail and must pay fines and restitution of about $660,000. Both were found guilty of six counts of defrauding the federal government. The Times quoted Assistant U.S. Attorney Robert Mosakowski as saying Jarrell was the ringleader in the case and that "he came up with the idea, and he directed it."
Shuffle at Infu-Tech
Jack Shapiro is the new vice chairman of Infu-Tech (Carlstadt, NJ). Company officials said Shapiro’s promotion will allow Jack Rosen, Infu-Tech’s chairman/CEO, to concentrate on the launch of SmartMeds, a Web site for its specialty pharmacy business. Shapiro has held a variety of senior management positions in operations, sales and marketing, and mergers and acquisitions at Magellan Health Services.
MedCom teams with Executive Healthcare
MedCom USA’s (Irvine, CA) MedCard division reached an agreement with Executive Healthcare Services (EHS; Calabasas, CA) to market MedCom’s MedCard System, a service package for physicians, clinics, and hospitals in 50 states. EHS placed an initial purchase order for 500 MedCard transaction processing terminals for product demonstrations. MedCom also operates Med Store, an e-commerce site for selling home medical equipment products.
MedCom also has entered into agreements to retire all 1,745 shares of the company’s series C convertible preferred stock. Outside investors have agreed to buy 1,000 preferred shares and convert them into 2 million shares of common stock. In 1998, MedCom sold its series C convertible preferred stock to finance its acquisition of MedCard Management System’s assets and acquire an exclusive license for the MedCard System.
PSA gets extension
Pediatric Services of America (PSA; Norcross, GA) said it has filed a notice with the Securities and Exchange Commission (Washington, DC) to extend the filing date of its annual report on Form 10-K for its fiscal year ended Sept. 30, 1999. The original filing date, Dec. 29, was missed because information that was unavailable regarding sale of PSA’s paramedical testing business and accounting for the business as a discontinued operation, company officials said.
Samsung creates home care division
Samsung America (Ridgefield, NJ) has entered home healthcare with the introduction of its line of blood pressure monitors. The home health spinoff is part of Samsung’s Korean operations, which provides equipment to Korean hospitals. There will be three versions of the monitor: a wrist unit, two arm-cuff units, and one with a memory feature.
Zevex Selected by IHC
Zevex International (Salt Lake City) will supply enteral nutrition delivery products throughout Utah and Idaho for IHC Home Care, a division of Intermountain Health Care (Salt Lake City). Zevex’s product line includes an ambulatory enteral feeding pump.
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