Management Revenue Group identifies multi billion dollar accounting gap affecting over 1500 publicly traded firms
September 29, 2006 (Press Release) --
Management Revenue Group Identifies
Multi-Billion-Dollar Gap in Accounting Controls
September 29, 2006: Collegeville, PA - FOR IMMEDIATE RELEASE
Contact: Charles W. Stout, Chief Executive Officer
“Shareholders are being robbed, to the tune of TENS OF BILLIONS of dollars annually, in a crime that’s even worse than the alleged price gouging on gas,” according to Charles Stout of Management Revenue Group. “To make matters worse, the thieves are operating with impunity.”
“Four years after the passage of Sarbanes-Oxley,” Stout continues, “corporate accountability is not being enforced by ANYONE in the area of employee benefit healthcare. Not by the DoJ, EBSA, or any AG…and certainly not by the SEC. CFOs are routinely signing false and/or misleading SEC reports, attesting to the adequacy of their companies’ internal controls. This lack of SEC enforcement is resulting in the loss of billions of dollars in shareholder value. When the SEC does act as if it’s going to enforce the law, it’s with a ‘wink and a nod’ to the guilty party. Although there’s an agreement in place, the SEC doesn’t make any attempt to collect the money owed. Doubt me? Look at the recently announced fine of Scott Sullivan, the former CFO of WorldCom. Sullivan agreed to be liable for $10 million in disgorgement and nearly $3.6 million in interest. The SEC waived the actual payment of these funds, however, and decided not to impose a civil penalty against Sullivan and two accountants.”
Management Revenue Group has been an advisory organization in the medical field for more than ten years. For the past seven years, the firm has been associated with Accu-Rate Telecom, Inc., a hospital bill auditing practice with a goal of ensuring that clients pay only valid and accurate healthcare expenses.
According to Mr. Stout, “in the post-Enron environment, it’s critical that corporations protect their assets by ensuring the accuracy of their employees’ healthcare billing. For an example of what can happen when internal controls are lacking, consider the current legal action filed by AutoNation. The suit alleges that United HealthCare Insurance has paid $10 million in ‘improper and unauthorized medical claims’ on AutoNation’s behalf. For the most part, this does not refer to United HealthCare’s payments for overpriced goods and services (amounting to tens of billions annually). It refers to United’s payment of bills--out of AutoNation’s account--for individuals not even enrolled in AutoNation’s health plan!
Management Revenue Group has created a video presentation, which discusses healthcare accounting flaws and their impact on shareholder value. It also offers viable solutions, to protect corporations and shareholders. The video can be viewed on “You Tube” at: healthcare overbilling and fraud.
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Multi-Billion-Dollar Gap in Accounting Controls
September 29, 2006: Collegeville, PA - FOR IMMEDIATE RELEASE
Contact: Charles W. Stout, Chief Executive Officer
“Shareholders are being robbed, to the tune of TENS OF BILLIONS of dollars annually, in a crime that’s even worse than the alleged price gouging on gas,” according to Charles Stout of Management Revenue Group. “To make matters worse, the thieves are operating with impunity.”
“Four years after the passage of Sarbanes-Oxley,” Stout continues, “corporate accountability is not being enforced by ANYONE in the area of employee benefit healthcare. Not by the DoJ, EBSA, or any AG…and certainly not by the SEC. CFOs are routinely signing false and/or misleading SEC reports, attesting to the adequacy of their companies’ internal controls. This lack of SEC enforcement is resulting in the loss of billions of dollars in shareholder value. When the SEC does act as if it’s going to enforce the law, it’s with a ‘wink and a nod’ to the guilty party. Although there’s an agreement in place, the SEC doesn’t make any attempt to collect the money owed. Doubt me? Look at the recently announced fine of Scott Sullivan, the former CFO of WorldCom. Sullivan agreed to be liable for $10 million in disgorgement and nearly $3.6 million in interest. The SEC waived the actual payment of these funds, however, and decided not to impose a civil penalty against Sullivan and two accountants.”
Management Revenue Group has been an advisory organization in the medical field for more than ten years. For the past seven years, the firm has been associated with Accu-Rate Telecom, Inc., a hospital bill auditing practice with a goal of ensuring that clients pay only valid and accurate healthcare expenses.
According to Mr. Stout, “in the post-Enron environment, it’s critical that corporations protect their assets by ensuring the accuracy of their employees’ healthcare billing. For an example of what can happen when internal controls are lacking, consider the current legal action filed by AutoNation. The suit alleges that United HealthCare Insurance has paid $10 million in ‘improper and unauthorized medical claims’ on AutoNation’s behalf. For the most part, this does not refer to United HealthCare’s payments for overpriced goods and services (amounting to tens of billions annually). It refers to United’s payment of bills--out of AutoNation’s account--for individuals not even enrolled in AutoNation’s health plan!
Management Revenue Group has created a video presentation, which discusses healthcare accounting flaws and their impact on shareholder value. It also offers viable solutions, to protect corporations and shareholders. The video can be viewed on “You Tube” at: healthcare overbilling and fraud.
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