Tuesday, January 17, 2012 10:23:13 PM
So, point being, if a patient is forced to go to the ER as opposed to going directly to a chiro or pain clinic, the ER professionals might snuff out the case from the start and SPIN would never have the chance to get involved (and make money off of it, even if it was fraudulant). The golden question is; how much of the business that is referred to and/or carried out by the pain clinics actually fraudulant? (or represents bill padding). Since I am still long the stock, I am willing to bet not all of it. However, Florida is the number one state in the country for this type of fraud (due to their PIP insurance system), and I am not convinced that, in this environment, no fraudulent cases are slipping their way through under the current system. Rather, my concern was with the growth rate in Florida post-reforms, and the companies reliance on the Tampa hotbed of corruption. I would like to see the company expand into other states to mitigate some of this risk.
Below is a case demonstrating this type of fraudulent situation:
http://www.outpatientsurgery.net/news/2012/01/10-Insurer-Surgeons-Sue-Each-Other-Over-Back-Pain-Treatment
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