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“Misuse of USA Patriot Act Leads to Exposure of Medicare/Medicaid Fraud Scheme Costing Taxpayers
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Added: 03/10/2005
Type: Summary
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“Misuse of USA Patriot Act Leads to Exposure of Medicare/Medicaid Fraud Scheme Costing Taxpayers
Kansas City, MO March 10, 2005 -- “If not for the USA Patriot Act the Kansas City based firm Medical Supply Chain, Inc. may have never uncovered the massive fraud scheme which robbed U.S. taxpayers of tens of billions of dollars says President and CEO Samuel Lipari”. In attempting to right the wrong done to his company by U.S. Bancorp (NYSE:) and Piper Jaffray's (NYSE:) conspiratorial, malicious and unjustified use of the USA Patriot Act to keep his company out of the health care supply market, Lipari and his legal team have uncovered a scheme that they believe spans three decades and involves just about every major player in the U.S. Healthcare supply industry as well as at least one major bank and one major investment firm. The complaint, also filed against Novation, University Healthsystem Consortium (UHC), Voluntary Hospitals of America (VHA), Neoforma (NYSE:) and their chief executives, provides a detailed analysis of how the fraud was created and perpetrated with the help of health care Group Purchasing Organizations (GPO’s) Novation and Premier, whose questionable business practices are surprisingly protected by a Federal Safe Harbor and supported by a number of prominent hospital CEOs.
Medical Supply’s complaint details how the defendant hospital suppliers are conspiring with competing distributors and manufacturers including General Electric’s (NYSE:) well known Global Healthcare Exchange (GHX), to artificially inflate hospital supplies by as much as $50 billion dollars a year in a conspiracy involving kickbacks, consulting fees to hospital administrators, extortion and commercial bribes all in an effort to limit what products can be purchased by American hospitals and who can sell them.
Medical Supply Chain's successful entry into the market for medical supplies would have surely led to lower cost for medical supplies and equipment and curtailed the profits coming from the sector and therefore the earnings generated by investment firm Piper Jaffray (NYSE:), who at one time had seventy percent of its investments in health care supply stocks. To prevent this from happening, U.S Bancorp (NYSE:) and Piper Jaffray apparently believed they had no choice other than their malicious use of the USA Patriot Act to destroy Medical Supply Chain's ability to raise capital and launch its enterprise.
Additional companies implicated in the complaint but not charged are Premier Inc., Global Healthcare Exchange (GHX) Johnson & Johnson Healthcare Systems (NYSE:), GE Medical Systems (NYSE:), Baxter Healthcare Corp. (NYSE:) Medtronic USA Inc. (NYSE:), Cardinal Health (NYSE:), McKesson (NYSE:) and Abbott Labs, Inc. among others.
About Medical Supply Chain, Inc.
Medical Supply Chain, Inc. is a worldwide provider of web-based supply chain solutions serving health care communities and their trading partners. Privately held, the company was founded in May of 2000 with a mission to deliver enabling supply chain technology in health care. The company’s products are completely hosted and built entirely on applications and services that combine simplicity and power. These applications and services are rapidly deployed through training, management and certification programs delivering a much more cost efficient supply chain solution. To learn more about Medical Supply Chain visit: http://www.MedicalSupplyChain.com
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