BioTelemetry Archives - Medical Design Sourcing

Philips’ BioTelemetry to pay $14.7M to settle false claims violation allegations

Philips’ (NYSE: PHG) + BioTelemetry and its LifeWatch subsidiary agreed to pay more than $14.7 million over False Claims Act violation allegations.

Philips acquired BioTelemetry in a $2.8 billion deal in 2021.

The BioTelemetry subsidiary settled allegations of knowingly submitting claims to federal healthcare programs for a higher level of remote cardiac monitoring than physicians intended to order, or that was medically necessary. This inflated the level of reimbursement paid to LifeWatch, according to the U.S. Dept. of Justice (DOJ).

DOJ’s allegations center around the period between July 1, 2014, and Dec. 31, 2020, and the LifeWatch ACT-3L device. It says LifeWatch marketed the device to doctors as capable of performing three different types of heart monitoring services. According to DOJ, the BioTelemetry subsidiary marketed holter monitoring, event monitoring and telemetry.

Of these, telem…

BioTelemetry, CardioNet to pay nearly $45M to resolve False Claims Act violation allegations

BioTelemetry and its CardioNet subsidiary agreed to pay $44.875 million to resolve False Claims Act violation allegations.

Both companies now belong to Philips after it acquired BioTelemetry for $2.8 billion last year.

The U.S. Department of Justice alleged that the companies knowingly submitted false claims surrounding heart monitoring tests. DOJ claims the companies submitted claims to Medicare, Tricare, the Veterans Health Administration and the Federal Employee Health Benefits Program. These claims covered tests performed, in part, outside the U.S., and in many cases by technicians unqualified to perform them, DOJ alleged.

According to a news release, the U.S. alleged that CardioNet improperly billed for certain cardiac monitoring services. These include Holter, event monitoring and mobile cardiovascular telemetry tests. The tests, performed overseas, violated federal law prohibiting payment for services furnished outside the U.S., DOJ says.

T…

Medtech M&A: The industry’s biggest mergers and acquisitions of 2021

[Image from Jp Valery on Unsplash]

Across 2021, medtech has seen a wide range of mergers and acquisitions covering several areas of devices, pharmaceuticals and more.

Some have gone off without a hitch, while others fell into serious scrutiny as mouthwatering financial figures were revealed and major technologies were acquired.

Here are the 10 biggest mergers and acquisitions in medtech in 2021:

Next>>

Philips completes $2.8B BioTelemetry acquisition

Royal Philips (NYSE:PHG) announced today that it successfully completed its acquisition of all outstanding shares of BioTelemetry (NSDQ:BEAT).

Amsterdam-based Philips announced in December 2020 that it agreed to acquire the shares of BioTelemetry at a per-share price of $72, totaling approximately $2.8 billion. At 12 a.m. ET today, the offer expired as scheduled and was not extended as Philips expects to complete the acquisition later today through a merger, according to a news release.

As of the expiration of the offer, a total of more than 27 million shares (representing almost 79% of BioTelemetry’s outstanding shares) had been tendered into and not validly withdrawn. Additionally, the companies were advised that another 1.57 million shares were tendered by notice of guaranteed delivery. All shares that were validly tendered and not properly withdrawn were accepted for payment and Philips will pay for all such tendered shares in accordance with the term…