Team Health gets subpoena from U.S. watchdog over services to HMA
Sept 5 (Reuters) - Team Health Holdings Inc, a provider of outsourced physician staffing, said it received a subpoena from a U.S. government watchdog requesting documents related to its services at hospitals affiliated with Health Management Associates Inc.
Team Health said it plans to cooperate with the government in its investigation and is in the process of responding to the subpoena, issued by the Office of Inspector General of the U.S. Department of Health and Human Services.
HMA, which operates 71 hospitals in 15 U.S. states, agreed in July to a $3.9 billion acquisition by larger hospital chain Community Health Systems Inc.
Soon after that, HMA's 14.6 percent holder Glenview Capital Management signaled its displeasure with the deal and last month said a majority of shareholders in HMA have voted to oust its board and replace it with Glenview's slate of directors.
The activist investor added at the time that it would review the Community Health proposal "several months from now."
Team Health's shares fell 1.4 percent to $37.53 in after-market trading on Thursday. The stock closed at $38.08 on the New York Stock Exchange.