Millennium $1.8 Billion Dollar Loan Downgraded???

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CorrectingYetAgain said:
First - Medicare is actually a high payer in this space - every provider has Medicare paying more and that is something Medicare is in the process of correcting (as well as making a couple of additional smart policy choices that should help shape this industry)

Second - You do realize that you do not contract with Medicare - there is a fee schedule and you bill Medicare for the tests ordered and the rates that are set in stone. That is a very precise and very incorrect number by the way - so thanks for chiming in with points supported with "false facts"

Lastly - do you know how billing for commercial plans work? If you have a contracted rate, that is what you get paid. Again they are in-network on a very large scale - probably over 2/3 of US lives covered. You can play the out-of-network game (like many of the small labs do today) and get paid a % of billed charges. That is not what Millennium does and their actually reimbursement is, on average, probably half (if not less) of the previously mentioned dated and completely fallacious number you quoted if I had to guess knowing the sector pretty well.

Thank you for polluting the internet with your stupidity
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And you are so sagacious. The number is not fallacious or "false". Get out a calculator and do some math with publicly available FACTS. I'd tell you where they are but you should be smart enough to find it and do the work yourself since you claim to possess such superior intellect. I will not engage a know it all that has a specious argument punctuated with ridiculous assumptions disguised as fact and defended with insults. If you knew reality, you wouldn't be defending these criminals.
 


















CorrectingYetAgain said:
First - Medicare is actually a high payer in this space - every provider has Medicare paying more and that is something Medicare is in the process of correcting (as well as making a couple of additional smart policy choices that should help shape this industry)

Second - You do realize that you do not contract with Medicare - there is a fee schedule and you bill Medicare for the tests ordered and the rates that are set in stone. That is a very precise and very incorrect number by the way - so thanks for chiming in with points supported with "false facts"

Lastly - do you know how billing for commercial plans work? If you have a contracted rate, that is what you get paid. Again they are in-network on a very large scale - probably over 2/3 of US lives covered. You can play the out-of-network game (like many of the small labs do today) and get paid a % of billed charges. That is not what Millennium does and their actually reimbursement is, on average, probably half (if not less) of the previously mentioned dated and completely fallacious number you quoted if I had to guess knowing the sector pretty well.

Thank you for polluting the internet with your stupidity
Click to expand...

From someone who knows the toxicology industry and has owned a medical billing company (not the original poster):

1. You correctly stated, "you do not contract with Medicare". Everyone that meets a minimal criteria can participate and bill/collect payments which are based on the MC fee schedule. However, Millennium was very lucky to retain their right to participate in the program and is likely on their last chance to be able to continue to bill Medicare.

2. Given the publicity and history of abuse, it would not be a surprise to see their in-network status dropped by many plans. No way can Millennium make their 2/3 of lives covered one year from now.

3. Paying the Feds was just the beginning. Others payors will now will use the Federal settlement as a basis for overpayments and a significant percentage of their paid claims within the last 36 months will be scrutinized and challenged for a clawback. BC/BS and Medicaid programs will definitely pursue refunds and probably are in the process of doing so now. The other commercial payor aren't as aggressive in this area as BC/BS, but given the publicity and money, who knows. They will probably be fine on their workers comp payments because they are structured differently and are less organized.

4. Their cashflow will take a huge hit. Any insurance company that files a claim for clawbacks will not pay until a settlement is reached. This comes at an awful time due to the industry being in a period of readjustment in terms of payments and utilization.
 






anonymous said:
From someone who knows the toxicology industry and has owned a medical billing company (not the original poster):

1. You correctly stated, "you do not contract with Medicare". Everyone that meets a minimal criteria can participate and bill/collect payments which are based on the MC fee schedule. However, Millennium was very lucky to retain their right to participate in the program and is likely on their last chance to be able to continue to bill Medicare.

2. Given the publicity and history of abuse, it would not be a surprise to see their in-network status dropped by many plans. No way can Millennium make their 2/3 of lives covered one year from now.

3. Paying the Feds was just the beginning. Others payors will now will use the Federal settlement as a basis for overpayments and a significant percentage of their paid claims within the last 36 months will be scrutinized and challenged for a clawback. BC/BS and Medicaid programs will definitely pursue refunds and probably are in the process of doing so now. The other commercial payor aren't as aggressive in this area as BC/BS, but given the publicity and money, who knows. They will probably be fine on their workers comp payments because they are structured differently and are less organized.

4. Their cashflow will take a huge hit. Any insurance company that files a claim for clawbacks will not pay until a settlement is reached. This comes at an awful time due to the industry being in a period of readjustment in terms of payments and utilization.
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The "polluting the internet" insult know it all just got educated. The fact that they over billed in multiples, failed to collect on what individuals owed for years and had 1/3 of lives not covered really puts light on the specious argument presented. The "luck" on Medicare could run out for some of Millennium's players. Claw away. The company used lawsuits to stifle competition. The leaders knew the correct way to do this and elected to run their operation the way they did it to continue their personal profit scheme. Changing the name won't help.
 






anonymous said:
The "polluting the internet" insult know it all just got educated. The fact that they over billed in multiples, failed to collect on what individuals owed for years and had 1/3 of lives not covered really puts light on the specious argument presented. The "luck" on Medicare could run out for some of Millennium's players. Claw away. The company used lawsuits to stifle competition. The leaders knew the correct way to do this and elected to run their operation the way they did it to continue their personal profit scheme. Changing the name won't help.
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Millennium Financial Summary:
Millennium takes out a $1.8 Billion loan, neglecting to disclose OIG investigation to lenders.
YET, per their 2015 Quarterly report only has about $70 Million in cash on hand.
US Gov't just imposed a $250 Million fine (where will the money come from?)
Expect: Bankruptcy and continued litigation.

If anyone thinks they are going to get paid....think again.
 






anonymous said:
Millennium Financial Summary:
Millennium takes out a $1.8 Billion loan, neglecting to disclose OIG investigation to lenders.
YET, per their 2015 Quarterly report only has about $70 Million in cash on hand.
US Gov't just imposed a $250 Million fine (where will the money come from?)
Expect: Bankruptcy and continued litigation.

If anyone thinks they are going to get paid....think again.
Click to expand...

Maybe they could borrow it from one of the leaders paid with the loan? The ones that are going to be decertified.
 


















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