March 24, 2018

NY Construction Worker Sentenced to Up to Four Years in Prison for Theft of Workers’ Comp Benefits

Albany, NY – New York State Inspector General Catherine Leahy Scott recently announced the sentencing to prison of a capital region construction worker who falsely testified about his employment status and stole more than $5,000 in Workers’ Compensation benefits to which he was not entitled. William C. Svida, 56, of Route 66, Chatham, a predicate felon, was sentenced Thursday by Columbia County Court Judge Hon. Jonathan Nichols to 2-to-4 years in state prison for the crimes of Grand…[Continue Reading]

Montana State Fund Board Approves 8% Rate Reduction

Helena, MT – The Board of Directors of Montana State Fund (MSF), Montana’s largest workers’ compensation insurance carrier, has approved an 8% reduction in premium rate level. The rate reduction is an overall average and the specific classification codes will vary based on each industry’s loss experience. The rate filing must still be reviewed and approved by Montana’s Insurance Commissioner to ensure it is not excessive, inadequate or unfairly discriminatory. This marks the twelfth consecutive year MSF rates have…[Continue Reading]

ReEmployAbility Celebrates 15th Anniversary by Introducing Ideas to Enhance Experience

Tampa, FL – When ReEmployAbility opened its doors 15 years ago, it was due to a passion for return to work and its value as the single most important factor that drives success in a workers’ compensation program. The company has grown tremendously during those 15 years, and as they continue that trajectory, it has become increasingly important for the company to maintain a customer focus. That is why this year will be marked by the launch of several innovative initiatives that will enhance the customer…[Continue Reading]

FL Doctor Pleads Guilty to Receiving Kickbacks for Writing Prescriptions for Compounded Medications

Tampa, FL – Dr. Anthony Baldizzi (54, Largo) recently pleaded guilty to conspiracy and receiving illegal kickbacks related to a federal health care benefit program. He faces a maximum penalty of 10 years in federal prison. A sentencing date has not yet been set. According to the plea agreement, Baldizzi, a medical doctor practicing in Pinellas County, wrote prescriptions for compounded creams for scars and pain, among other things. These creams, which were prescribed to TRICARE beneficiaries and others, cost…[Continue Reading]

WCRI Conference Delves into Future of Work and Impact on Workers’ Compensation

Cambridge, MA – A distinguished panel at the Workers Compensation Research Institute’s 34th Annual Issues & Research Conference, March 22-23, 2018, in Boston, MA, will help the audience look ahead at the fast-changing world of work and the implications of this change for workers’ compensation. “There is a lot of uncertainty about the future of work and the impact it will have on workers’ compensation. This panel will help us see the road ahead and predict how it will impact the workers’ compensation…[Continue Reading]

Stone Point Capital Completes Acquisition of Genex Services from Funds Advised by Apax Partners

Wayne, PA – Genex Services recently announced that funds managed by private equity firm Stone Point Capital LLC (“Stone Point”) have acquired a majority interest in Genex from funds advised by Apax Partners, a global private equity firm. Financial terms of the transaction were not disclosed. Founded in 1978, Genex helped introduce the medical management concept and has become one of the largest and most experienced medical cost containment and disability management providers…[Continue Reading]

U.S. Physical Therapy Reports Year-End 2017 Earnings

Houston, TX – U.S. Physical Therapy, Inc. (“USPH” or the “Company”) (NYSE: USPH), a national operator of outpatient physical therapy clinics, recently reported results for the fourth quarter and year ended December 31, 2017. For the fourth quarter ended December 31, 2017, USPH’s Operating Results increased 16.9% to $6.2 million as compared to $5.3 million in the fourth quarter of 2016. Operating Results, a non-generally accepted accounting principles (“non-GAAP”) measure, is defined as net income…[Continue Reading]

Cigna to Acquire Express Scripts for $67 Billion

St. Louis, MO – Cigna Corporation (NYSE: CI) and Express Scripts Holding Company (NASDAQ: ESRX) have announced that they have entered into a definitive agreement whereby Cigna will acquire Express Scripts in a cash and stock transaction valued at approximately $67 billion, including Cigna’s assumption of approximately $15 billion in Express Scripts debt. The merger consideration will consist of $48.75 in cash and 0.2434 shares of stock of the combined company per Express Scripts share…[Continue Reading]

ICW Group Continues Workers’ Comp Growth in Midwest & Mid-Atlantic Regions

San Diego, CA – ICW Group Insurance Companies, a group of property and casualty carriers, recentlyannounced it has actively begun writing workers’ compensation insurance in five new primary states — Iowa, Kentucky, Maryland, Minnesota and Missouri. “ICW Group is excited to offer a more competitive work comp option for Midwest and Mid-Atlantic agents and brokers. Our expansion provides agents the opportunity to deliver their clients ICW Group’s hallmark of service excellence and affordability…[Continue Reading]

SFM Foundation Celebrates 10th Anniversary

Bloomington, MN – SFM Foundation marks an important milestone this year, celebrating a decade of service to families whose lives have been impacted by workplace injuries. In its first 10 years, the Foundation has provided post-secondary scholarships for 129 students whose parents were severely injured or killed on the job. Scholarships awarded by the Foundation to date total $1.4 million. SFM Foundation began in 2008, with a group of employees of SFM Mutual Insurance looking for a way to ease…[Continue Reading]

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