Damn….

Wednesday was a very bad day for Mary Tolan and the company she runs, Accretive Health. Not only had the State of Minnesota taken action against Accretive Health, but:

Shares of Accretive Health plunged 42 percent, or $7.74, Wednesday to close at $10.75, as the scope and detail of the allegations became clear, a day after [Minnesota Attorney General Lori] Swanson’s office released a six-volume report on her investigation.

The Wall Street Journal reported that “An Accretive spokeswoman declined to comment on the company’s share price but said the company has ‘a great track record of helping hospitals enhance their quality of care.'” Only in a bizarro world would patient harassment count as an enhancement of care quality.

Accretive’s stock price trend is ominous:

Going down

The expectation driving this trend issues from the belief that litigation will compel Accretive Health to change its dubious business practices.

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• Accretive Exposed (thehealthwonk.wordpress.com)
• Debt collector’s alleged questionable tactics raise questions in Utah ()
• Minn. AG cites Accretive for debt tactics (heraldonline.com)
• Minn. AG cites Accretive for debt tactics (kansascity.com)
• Debt collectors under fire for emergency room tactics (kansascity.com)
• Accretive Health under fire for debt collection methods (clickondetroit.com)
• Accretive shares plummet after critical AG report (kansascity.com)
• Minn. AG cites Accretive for debt tactics (miamiherald.com)