Mystery conference call on 12 12 Biohazard Investigation

Getting pumped up for call tomorrow. This place is like a TV show. Either summary of Medicare fraud with CMN forms / Letters of Medical Necessity or illegal marketing practices involving Medicare at Biohazard. Possible discussion of new Medicare pricing coming out and what it means for us.

 

Probably will be about not having reps handle Medicare orders for Exogen. More reps fired in texas last week. Which state is next?

 

This company has put all its sales reps in the position to sell on Medicare profits by electing not to report to Medicare. Offices buying products from Bioventus flat out admit its the profits that drove their decisions. There is no other reason for Bioventus to voluntarily elect not to report to Medicare other than kicking back profits to offices to juice their books. Something is fishy here and there must be something more to it.

 

The above clearly classifies as waste and abuse of Medicare resources and can be reported to OIG.

 

Nothing new here. HAs have always been sold on spread because practitioners see little difference in any of them. Your indignation is cute.

 

what call?

 

exactly, they are all essentially the same. smart practices look at the spread, esp when they are doing a lot of volume. We were at a disadvantage there in the past, now it's in our favor a bit. Nothing illegal about that.

 

Nonsense. Bioventus is *intentionally* wasting and abusing Medicare’s resources by not reporting ASP in order to continue to sell the high margins. There’s no disputing offices look at “spread” (if that’s your company lingo). And that explains the true motivation behind not reporting. It’s to kick back profits This also increases patients’ out of pocket costs. Do you dispute this?

 

honestly this company is going down the tubes.

 

"Spread" is commonly used throughout the pharm/device industry to label what Biohazard engages in. Not just Biowaste's lingo.

"Pharmaceutical companies also have been found to violate the False Claims Act by “marketing the spread” between an artificially high average wholesale price used by Medicare and others to determine reimbursement of the cost of the drug, and the deeply discounted prices paid by providers for the drug (“the discounted price”). The difference between the average wholesale price and the discounted price to physicians – known as the “spread” – is pure profit to the physician’s practice. The greater the spread, the more profit the hospital or physician makes, and the greater their incentive to buy drugs from that manufacturer. Marketing the spread violates the False Claims Act because the physician or hospital seeks reimbursement from Medicaid or Medicare at the falsely inflated price that the pharmaceutical company provided to the government."

 

Looks like a slam dunk case for the OIG and Medicare task force to investigate non reporting for waste and abuse of Medicare's funds and ripping off patient out of pockets to fatten pockets of offices. The website offers rewards for those that find millions in savings. I would imagine its already being reviewed but not sure.

 

Wrong again. Another company is doing the same thing. Programs in place alleviate co-pays so get your facts straight.

Those on here who actually sell the best HA products (that’s BV of course) do not be scared by these competitors who are looking for other jobs bc Durolane is amazing and nothing is being done wrong with ASP reporting

 

So your logic is Fidia followed thus it must be ok? Fidia is in danger of going BK. They are in survival mode losing all the Hyalgan business and Hymovis isn’t selling.

What is the Bioventus excuse? Survival mode as well? Has never made a profit since it went public? Failed audit? Has Failed to go public? Desperate investors that want out? Needs to show growth numbers to attract other funds? Up for sale? Only their board knows these secrets. Private companies are secret companies.

 

What programs in place to alleviate copays? You can’t use it on Medicare as it’s illegal under Federal antiback / stark law. Most of your business is Medicare. Those Medicare patients are paying higher copaya for Gelsyn and Durolane so offices can make more money and Medicare gets stuck paying higher prices. HA is not a true price competitive market. Wasted money.

 

majority of medicate patients have a secondary.

BV reps-best products by a mile. Great office reimbursement. Totally fair practices with not reporting ASP. Good luck competitors. You need it.