Woburn, Mass.
PolyMedica, parent company of diabetes supply giant Liberty Medical Supply, has finalized a $35-million settlement to end a government probe into its Medicare practices, according to a Nov. 3 statement. As part of the settlement, the company admits no wrongdoing, and it is expected that the government will not bring criminal charges.
“It is important for the company and for our investors to put this matter behind us, so that we can focus all of our energies on serving our patients and continuing to grow and develop our business,” said PolyMedica CEO Patrick Ryan.
For the last several years, the government had been investigating the company. In August 2001, FBI agents raided Liberty offices and seized thousands of documents; agents also raided offices of Liberty Home Pharmacy, PolyMedica's subsidiary specializing in respiratory medications and supplies, the Associated Press reported.
