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BREAKING NEWS | SEC Charges Miami-Dade County’s Largest Hospital With “Misleading Investors”
The investigation found that the Public Health Trust, operator of the Jackson Health System, misstated its present financial condition and its future revenues prior to an $83 million bond offering
The Securities and Exchange Commission (SEC) today charged the operator of the largest hospital in Miami-Dade County with misleading investors about the extent of its deteriorating financial condition prior to an $83 million bond offering.
An SEC investigation found that the Public Health Trust, which is the governing authority for Jackson Health System, misstated present and future revenues due to breakdowns in a new billing system that inaccurately recorded revenue and patient accounts receivable. The Public Health Trust projected a non-operating loss in the official statement accompanying the bond offering in August 2009, but reported a figure that was more than four times lower than what was ultimately reported at the end of the 2009 fiscal year. The Public Health Trust also failed to properly account for an adverse arbitration award, and misrepresented that its financial statements were prepared according to U.S. Generally Accepted Accounting Principles (GAAP).
“The Public Health Trust fell short in its obligation to maintain adequate accounting systems and controls that ensure truthful disclosures to investors about its financial condition. . . used stale numbers to calculate its revenue figures and lacked any reasonable basis for projecting losses that were far less than reality” — Eric I. Bustillo, Director, SEC Miami Regional Office
According to the SEC’s order instituting settled administrative proceedings, the official statement accompanying the bond offering represented that the Public Health Trust (PHT) projected a $56 million non-operating loss for its fiscal year ending Sept. 30, 2009. Several months after the bonds were sold, external auditors discovered problems with the PHT’s patient accounts receivable valuation. This discovery required a large accounting adjustment to the reported net income, and the PHTultimately reported a non-operating loss of $244 million for fiscal year 2009 – more than four times the projection made to bond investors.
“Investors must be able to rely on the financial information accompanying municipal bond offerings. We will continue to scrutinize financial statements provided to investors and pursue municipal issuers who aren’t providing accurate information to the public” — Mark Zehner, Deputy Chief, SEC Enforcement Division’s Municipal Securities and Public Pensions Unit
Memorial Hospital Pembroke Opens High-Tech, Integrated Operating Rooms
Technology Improves Physician Communication and Enhances Patient Safety
With the touch of a few buttons, electronic medical records provide doctors the convenience of viewing a patient’s entire medical history during a single visit. Now, the integrated operating rooms at Memorial Hospital Pembroke are allowing surgeons to link electronic records with a host of other technical capabilities, such as video recording and documentation, providing added benefits that enhance physician communication and patient safety.
“In the fully integrated operating room, the surgical team has easier access to patient data and more comprehensive information coming into and out of the procedure room, allowing our surgeons to raise the standard of care and safety for our patients,” said Brett Cohen, MD, medical director of Memorial Weight-Loss Surgery Program and physician champion of the integrated surgical initiatives at Memorial Hospital Pembroke.
The Olympus Endoalpha TM Systems Integrated Operating Room, the first of its kind in South Florida, is controlled through a centralized touch screen, allowing for communication and documentation (patient information, data, equipment, resources and communication) to be coordinated with the complete range of medical equipment and peripheral systems in the operating room. This provides complete ergonomic control of the OR because all imaging and lighting equipment, video and data can be managed from both the sterile and non-sterile areas. In addition, boom-mounted monitors create a more efficient workspace that not only contribute to a more comfortable, convenient, and optimal viewing environment for medical staff, but also keep surgical environment safer.
The benefits for patients are many from a safety perspective, but the integrated operating room also improves workflow by maximizing workspace,” Dr. Cohen said. “The technology also affords Memorial Hospital Pembroke the opportunity to invite residents and medical students into the virtual operating room beyond South Florida.”
The surgical team at Memorial Hospital Pembroke performs more than 4,500 surgeries each year using leading-edge technology, including more than 600 procedures using minimally invasive laparoscopic techniques instead of traditional open surgery. Starting May 2013, plans are to also incorporate robotic surgery within the integrated environment of the operating room.
Benefits of Integrated Operating Room
- Electronic medical records are accessed during surgical procedure
- Video recording and documentation of surgical procedure
- Enhanced safety during procedure
- Enhanced surgical team collaboration during the procedure
- Access to patient information during the procedure
- Equipment control of monitors and settings
- Real time teleconferencing, diagnosis, consultations and collaboration
- Multiple monitor clinical displays
- Access to archived and video of surgical procedures performed
- Improved workflow by maximizing the operating room suite workspace
- Enhanced efficiency by simultaneous operation of surgical equipment
- Eliminates repetitive work by saving preferred equipment settings for each surgeon
- Promotes safety through voice verification each time equipment settings are changed
Memorial Hospital Pembroke in Pembroke Pines, Fla., is part of Memorial Healthcare System, the fifth-largest public healthcare system in the nation. It offers a wide scope of services, including Center for Wound Healing and Hyperbaric Medicine, Sleep Study Program, Gastroesophageal Reflux Disease (GERD) Program, Leeza’s Place, a center for caregivers, and a program for Canadian visitors, along with outpatient services, diagnostic services and emergency care. For more information, visit memorialpembroke.com.
Baptist Health South Florida Joins The South Florida Digital Alliance
Miami Empresarial Magazine joins the Board of Directors of the South Florida Digital Alliance and Jim Osteen, Executive Director, in welcoming Baptist Health South Florida to our organization. We want to thank Baptist Health for joining us in our efforts to bridge the digital divide in South Florida and increase the availability of affordable, high-speed internet access in our community. http://baptisthealth.net
Health Council of South Florida Joins The South Florida Digital Alliance
Miami Empresarial Magazine joins the Board of Directors of the South Florida Digital Alliance and Jim Osteen, Executive Director, in welcoming Health Council of South Florida to our organization. We want to thank Health Council for joining us in our efforts to bridge the digital divide in South Florida and increase the availability of affordable, high-speed internet access in our community. http://www.healthcouncil.org
This article is in Spanish because is reaching Latin America and Spain. An English version to follow. Miami Empresarial
Conversamos con Mary Lou Algeciras sobre Medicina Internacional y el Centro de Neurociencias de Larkin
Miami Empresarial: Tengo entendido que viaja usted con frecuencia a América Latina a promover el Centro de Neurociencias del Hospital Comunitario Larkin y los tratamientos quirúrgicos con el Gamma Knife.
Mary Algeciras: Precisamente ahora voy a Venezuela a un congreso de neurocirugía. Lo que yo hago es promover la experiencia del doctor Wolf y el arma de mercadeo que uso es nuestro folleto y las estadísticas, que son la clave de todo. Son los casos que se han hecho en 20 años. Todos son hechos por el mismo equipo —el Dr. Wolf, el Dr. Sammie R. Coy, que es el físico, y el Dr. Stephen DePrima, el intervencionista. Lo único que para nosotros cambia según la semana es el radiooncólogo. Pero todo está perfectamente guiado por el Dr. Wolf, quien está en el hospital a las cinco de la mañana, depone el marco de los pacientes, a las doce (del mediodía) termina, almuerza y entonces se va para el quirófano para hacer neurocirugía convencional.’
Lo que yo hago es promover la experiencia del doctor Wolf y el arma de mercadeo que uso es nuestro folleto y las estadísticas, que son la clave de todo. Son los casos que se han hecho en 20 años. — Mary Lou Algeciras
Yo tengo muchas ocasiones cuando me encuentro (antiguos) pacientes en América Latina. Una vez en Ecuador, estaba yo montando nuestro display, que tiene una foto del doctor Wolf, cuando se me acerca un muchacho joven, muy arreglado y profesional, que venía a otra conferencia en el mismo hotel, y me preguntó si ése (la foto) era el Dr. Wolf. Yo le dije que sí y el joven empezó a llorar. Me dijo que él (Wolf) le había salvado la vida a su mamá hacía 14 años. Me contó que él había ido al aeropuerto con sus padres y allí le habían consultado el caso al Dr. Wolf. El muchacho, que entonces tendría entre 10 y 14 años, no había viajado a Miami con su madre, pero se acuerda que el doctor le dijo: “No te preocupes. Yo te voy a devolver a tu mamá muy bien”.
Eso me pasa muy amenudo porque ya son 20 años que estoy viajando a América Latina. Ahora estamos viendo a los hijos y a los niños de los que eran niños entonces. El Dr. Wolf también es neurocirujano pediátrico, por lo que atiende a muchos niños latinoamericanos.
A nosotros nos mandan muchos casos que nadie quiere tocar, en los que se ha determinado que no hay nada más que hacer. Esos son la mayoría de los casos que vienen aquí, que se atienden en el Centro de Neurociencias de Larkin.
More on Larkin Hospital coming soon. . .
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MHS Joins The South Florida Digital Alliance
Announcing South Florida’s One-Stop Health And Wellness Communication Channel
As changes in Health Care, Wellness, Medical Training and Education approach us at lighting speed, Miami Empresarial Magazine readers have asked us to keep them abreast of the advances, opportunities and news on the industry.
University of Miami president Donna Shalala mentioned at a recent meeting that ”Florida leads the nation in cancer patients due in part to an expanding retirement community relocating to our shores. The Florida Health Care industry is creating a need for innovation and will soon be one of the largest forces on job creation.”
Also at the recent “The Business of Health Care Post-Election” conference, hosted by the School of Business Administration’s Center for Health Sector Management and Policy, UM provided us with the opportunity to learn more on the upcoming policies and regulations set forth by the Health Care of America plan, better known as Obamacare, plus a first-hand account of doctors’ and patients’ opinions on the effects the HCA plan may have on their practices, medical care, wellness, and personal/professional bottom lines.
“Health care is one of the most complex issues facing our country today,” said Gene Anderson, the school’s dean, in his opening remarks. “Addressing those policy, planning and business challenges requires a collaborative approach and multidisciplinary thinking.”
Themes like New Techniques, Expanding Facilities at Local Hospitals, Technology, Medical Training and Education, Doctor Profiles, Medical Tourism, Conference and Round Tables, etc. will be covered in our publications in English and Spanish. We invite you to read, sponsor and participate in this One-Stop Health and Wellness Communication Channel.
For complete information on this special Health Care section, please call 305.281.9700.
Baptist Health’s Rev. Dale Young Honored for Service to South Florida’s Elderly
Miami Jewish Health Systems presented the Rev. Dale A. Young, D.Min., BCC, its 2013 Clergy of the Year Award. Rev. Young founded and has directed Baptist Health South Florida’s Congregational Health department since 1997.The Clergy of the Year Award is given to a member of the local clergy whose selfless dedication to the elderly embodies the qualities of spiritual devotion, compassion, understanding and interfaith cooperation. Stephen H. Cypen, chair of the board of Miami Jewish Health Systems, presented the award to Rev. Young at the 18th annual Ministering to the Elderly Conference in Miami.
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Miami Neuroscience Center At Larkin Makes Great Strides In Treating Brain Tumors
A diagnosis of brain tumor, brain cancer or metastasis will generate varying degrees of anguish, fear and even helplessness in most persons. Dr. Aizik L. Wolf , Medical Director for the Miami Neuroscience Center at Miami’s Larkin Hospital, insists that in an increasing number of cases —as patients and their families become aware of today’s medical and technological advances in this field— the initial emotional impact should likely give way to a sense of hope and optimism.
Understanding brain tumors, their symptoms and treatment options goes a long way to assuage the feelings of intimidation and angst. And with continuous research and advanced case data collection/analysis, some of it generated by newsworthy cases like actress Valerie Harper’s rare brain cancer, more and more new information is becoming available to physicians-specialists and patients alike.
“When people hear the diagnosis, many believe there is nothing that can be done. It is a frightening diagnosis and I see so many patients who have been told they have only months to live. In fact, we have revolutionary procedures combined with cutting edge technology that are effective,” states Dr. Wolf, a nationally acclaimed neurosurgeon who has performed over 7,000 procedures with Gamma Knife®, a precise, non-invasive neurosurgical tool that is used to treat brain tumors, many of which are complex or might otherwise be considered inoperable, along with a number of other brain disorders.
Dr. Wolf understands challenges. He has developed groundbreaking applications for brain tumor treatments even as many argued they would never work. Due to his innovation and tenacity advocating for his patients, including his pioneering approach to Gamma Knife® treatment for multiple brain tumors are now being practiced and taught in major medical universities around the world.
Dr. Wolf says it’s important to pay attention to what your body is telling you: “Brain tumors vary from person to person, so there is no one-size fits all. However, there are some symptoms that should alert you to see a doctor.”
The veteran surgeon says headaches that seem worse when you first wake up or lie down,changes in hearing, smell, taste or speech, changes in personality, and weakness in a part of the body are among signs that you should see a doctor immediately.
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In an exclusive interview with Arquimedes Trujillo, MiamiEmpresarial’s publisher, Dr. Wolf expanded on his practice’s groundbreaking history with the revolutionary Gamma Knife® technology, a sophisticated system for delivering single, high-dose radiation to an intra-cranial target, as well as its extraordinary precision and effectiveness in treating brain tumors.
“In 1993 when I moved down to Miami, the [Gamma Knife®] technology was only being used under certain rules. They [the rules] were created, I thought, to serve non-scientific basis. It came from the university that first started using the technology in the United States. And I felt that they were making a basis of rule without any real scientific studies. So we began to use it on patients with multiple brain metastases at a time when everybody thought we were nuts. Obviously, we were correct because now everybody’s doing it that way.”
Dr. Wolf and his team continued to break ground in treating patients with larger and more complex brain metastases.
“We also began to use it on tumors that were much bigger, that you were [not] supposed to, but once again we didn’t understand the basis of the rule. We thought it was someone’s made-up concept and, once again, we proved that that wasn’t true, that the situation was actually different. In other words, that we could treat large tumors depending on what they were doing.”
“So that was the difference: We really questioned the technology way further that the rules were set up to be.”
MiamiEmpresarial: With your abilities, can you target the affected area without damaging healthy brain tissue?
Dr. Wolf: The technology is very, very precise. In fact, the technology is more precise than the actual imaging. The ability to aim the radiation is more precise than the ability to image the charger by a field of 0.15 millimeters.
M/E: Is this a non-invasive process?
Dr. Wolf: Not invasive. It’s basically an outpatient procedure. The equipment is as big as a Gamma Knife® and the institute was designed to get the flow of the patient. So basically the patient comes in, gets set-up for imaging and then, when they get treated, they walk out the door. . . They could go shopping in Saks Fifth Avenue. They can come to Miami for a shopping spree and a treatment for a brain tumor.
M/E: So you can say that’s “medical tourism?”
Dr. Wolf: It’s the ultimate medical tourism!
M/E: I was told that a great number of your patients come from Latin America. . .
Dr. Wolf: Yes, about 30 percent come from Latin America. In terms of Hispanics, the number goes up to 70 percent. Almost everybody in Miami is Hispanic.
While making great strides in the treatment of brain tumors and metastasis, Dr. Wolf emphasizes that, once the patient has been diagnosed, he/she must fully understand the illness and learn about all the available treatments.
“If you are diagnosed with brain cancer,” he says, “know your options.”
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