Iasis Healthcare this week said it will restate its financial results for fiscal 2014 and the first quarter of 2015 after accounting errors were discovered in its managed Medicaid plans, according to a filing with the U.S. Securities and Exchange Commission.
Tennessee-based Iasis, which operates acute-care hospitals, said its revised 2014 revenue will be $2.5 billion, $30 million less than previously thought. First quarter 2015 revenue will be revised to $669 million, $17.3 million lower than previously disclosed.
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Iasis, in the SEC filing, tied to errors to a single former employee. The errors were discovered by an internal review that the company often uses to reconcile financial estimates with actual revenue and medical costs.
The company said the affected financial periods coincided with the company’s 2014 state contract for managed Medicaid and the expansion of Medicaid under the Affordable Care Act.
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