Michael Barbella, Managing Editor02.11.23
Convictions and consolidation were of utmost interest to ODT website visitors this past week.
Leading in page views was the federal conviction of Miami chiropractor Dean Zusmer and Miami orthopedic surgeon Lawrence Alexander, M.D., for defrauding Medicare. Prosecutors say the pair submitted more than $31 million of false bills for orthotic braces their patients neither needed nor used. Zusmer owned one of four medical equipment companies; he and his co-conspirators, including Jeremy Waxman, acquired patient referrals and signed doctors’ orders by paying kickbacks to marketers who used overseas call centers to solicit patients and telemedicine companies to procure patient prescriptions for unnecessary braces.
Alexander owned one of the medical equipment firms with Waxman and concealed both his role and Waxman’s role in the scheme by claiming one of Alexander’s family members owned the company. Waxman pleaded guilty and testified against the two doctors at trial. Alexander faces a maximum five-year prison term at his April 20 sentencing, though his attorneys vowed to appeal the verdict. Zusner is looking at a maximum 10-year prison term at his sentencing on each of the following counts: conspiracy to commit healthcare fraud; healthcare fraud; and paying illegal health care kickbacks. Zusmer also could receive a maximum five-year prison term for conspiracy to pay illegal healthcare kickbacks and false statements relating to healthcare matters.
Runner-up to the doctors' conviction was Globus Medical's $3.1 billion merger deal with NuVasive Inc. When the deal is finalized, NuVasive shareholders will own approximately 28% of the combined company, and Globus Medical shareholders will own about 72%, on a fully diluted basis. Together, Globus Medical and NuVasive will have a presence in more than 50 countries with over 5,000 employees. The new organization's larger commercial sales organization will enable it to further penetrate existing and future markets, reaching more surgeons and patients around the world.
OSSIO and OssDesign also drove traffic with new product announcements. OSSIO introduced the OSSIOfiber Compression Staple, which allow surgeons to evolve to stronger, bio-integrative compression, while OssDesign released a new size of OssDsign Catalyst to the U.S. market. The additional volume option of 1 cubic centimetre (cc) completes OssDsign Catalyst's existing product range of 10cc, 5cc and 2.5cc, and broadens access to new procedures in both cervical spine and smaller extremities.
Leading in page views was the federal conviction of Miami chiropractor Dean Zusmer and Miami orthopedic surgeon Lawrence Alexander, M.D., for defrauding Medicare. Prosecutors say the pair submitted more than $31 million of false bills for orthotic braces their patients neither needed nor used. Zusmer owned one of four medical equipment companies; he and his co-conspirators, including Jeremy Waxman, acquired patient referrals and signed doctors’ orders by paying kickbacks to marketers who used overseas call centers to solicit patients and telemedicine companies to procure patient prescriptions for unnecessary braces.
Alexander owned one of the medical equipment firms with Waxman and concealed both his role and Waxman’s role in the scheme by claiming one of Alexander’s family members owned the company. Waxman pleaded guilty and testified against the two doctors at trial. Alexander faces a maximum five-year prison term at his April 20 sentencing, though his attorneys vowed to appeal the verdict. Zusner is looking at a maximum 10-year prison term at his sentencing on each of the following counts: conspiracy to commit healthcare fraud; healthcare fraud; and paying illegal health care kickbacks. Zusmer also could receive a maximum five-year prison term for conspiracy to pay illegal healthcare kickbacks and false statements relating to healthcare matters.
Runner-up to the doctors' conviction was Globus Medical's $3.1 billion merger deal with NuVasive Inc. When the deal is finalized, NuVasive shareholders will own approximately 28% of the combined company, and Globus Medical shareholders will own about 72%, on a fully diluted basis. Together, Globus Medical and NuVasive will have a presence in more than 50 countries with over 5,000 employees. The new organization's larger commercial sales organization will enable it to further penetrate existing and future markets, reaching more surgeons and patients around the world.
OSSIO and OssDesign also drove traffic with new product announcements. OSSIO introduced the OSSIOfiber Compression Staple, which allow surgeons to evolve to stronger, bio-integrative compression, while OssDesign released a new size of OssDsign Catalyst to the U.S. market. The additional volume option of 1 cubic centimetre (cc) completes OssDsign Catalyst's existing product range of 10cc, 5cc and 2.5cc, and broadens access to new procedures in both cervical spine and smaller extremities.
