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Posts Tagged ‘California’

Columbus, OH (PRWEB) April 24, 2014

Red Capital Markets, LLC (MEMBER FINRA/SIPC) and Red Mortgage Capital, LLC, respectively the investment banking and mortgage lending entities of comprehensive capital provider RED CAPITAL GROUP, LLC, recently provided a combination of bond underwriting and mortgage banking services related to the acquisition and rehabilitation of a low income, seniors housing property in Arcadia, California.

The transaction utilized a $ 10,125,000 conventional/taxable FHA Section 223(f) loan processed pursuant to FHAs Low Income Housing Pilot Program and funded by Red Mortgage Capital, LLC. Proceeds of the FHA loan will serve as collateral for $ 10,125,000 of short-term, tax-exempt multifamily housing revenue bonds issued by California Statewide Communities Development Authority and underwritten by Red Capital Markets, LLC.

Naomi Gardens is a 101-unit, Section 8 subsidized elevator building in Arcadia, Los Angeles County, CA, and was originally constructed with a HUD 202 direct loan in 1985. The property is currently restricted to serving over age 62 seniors and the disabled, whose adjusted income is no more than 50% of the area median income. The recapitalization will allow the preservation of existing affordable seniors and disabled resident rental units for 55 years.

ReBuild America, Inc, whose principals have been actively involved in the development, construction, rent-up, and management of over 70 affordable rental housing and supportive housing facilities for the elderly and physically handicapped, serves as General Partner. ManSerMar, Inc, provides management for this property as well as 58 other seniors housing facilities across the US.

Developer Cissy Watson of Psalms 127, LLC, said, It was a true pleasure to work with such a top notch financing and development team on the preservation of Naomi Gardens. With the collective experience of the team, along with their professional work ethic, this intricate and complex transaction came together like a well-oiled machine, Watson continued, Every team member played an integral part. Thanks for leading us, Rick Andrews and RED!

Rick Andrews, Red Mortgage Capital, LLC, and provider of the FHA-insured loan said, Working with Rebuild America, ManSerMar and Cissy Watson through the prepayment process of the existing Section 202 direct loan and the new Section 223(f) Pilot preservation loan was a real pleasure. Andrews went on to say, Their extensive experience with the Los Angeles HUD office and the Section 202 direct loan program made a complicated preservation process an easier task for all involved.

Nick Hamilton, Red Capital Markets, LLC, who acted as underwriter of the bonds added, Such transactions are never straightforward, but the expertise and dedication of the development and financing team helped simplify a complicated process. In closing, Hamilton said, Recapitalization of the project with FHA debt and LIHTC equity will ensure that current and future residents enjoy safe, decent and affordable housing for many years to come.

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Austin, TX (PRWEB) March 31, 2014

DocbookMD, a physician-run mobile health technology company based in Austin, Texas has reached an agreement with the California Medical Association this week to expand an existing relationship with counties to become the State Associations preferred provider of HIPAA-secure text messaging for their 39,000 members.

Having access to DocbookMD means physicians across California will be able to consult with colleagues with the same ease of text messaging but without the worry of incurring HIPAA violations, says Chad Shepler, Director of Partner Development for DocbookMD. With 4 out of 5 physicians using smartphones and tablets at work, DocbookMD is fast becoming a valuable resource for physicians seeking to improve the quality and speed of patient care in hospitals and clinics across the U.S.

DocbookMD helps physicians, hospitals and groups:

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Austin, TX (PRWEB) March 31, 2014

DocbookMD, a physician-run mobile health technology company based in Austin, Texas has reached an agreement with the California Medical Association this week to expand an existing relationship with counties to become the State Associations preferred provider of HIPAA-secure text messaging for their 39,000 members.

Having access to DocbookMD means physicians across California will be able to consult with colleagues with the same ease of text messaging but without the worry of incurring HIPAA violations, says Chad Shepler, Director of Partner Development for DocbookMD. With 4 out of 5 physicians using smartphones and tablets at work, DocbookMD is fast becoming a valuable resource for physicians seeking to improve the quality and speed of patient care in hospitals and clinics across the U.S.

DocbookMD helps physicians, hospitals and groups:

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New York, NY (PRWEB) November 05, 2013

MultiPlan, Inc. today announced its settlement of the California state law qui tam lawsuit brought initially over three years ago by Rockville Recovery Associates, Ltd. against the Sutter Hospital System. Both MultiPlan and their affiliate company Private Healthcare Systems, Inc. (MultiPlan) were named as Defendants in the suit, which alleged false billing of certain anesthesia services on the part of Sutter, and further alleged that MultiPlan aided and abetted Sutter in these practices through the audit provisions of their provider network contracts with Sutter.

This agreement to amicably resolve the matter was made strictly on the basis of the additional costs involved in continuing to defend MultiPlans position. MultiPlan has consistently and vigorously denied any part in any alleged fraudulent scheme. In fact, MultiPlan contends that it should have been dismissed from the suit at its outset, an argument supported by the financial terms of the settlement.

MultiPlan operates preferred provider organizations that act as intermediaries between payers and providers. As an intermediary, it is critical to MultiPlan’s success that provider contracts permit reasonable measures by payers to remedy payment disputes and for providers to do the same. Rockville alleged that the audit provision in MultiPlans contracts with Sutter assisted Sutter in submitting allegedly false, fraudulent or misleading bills to insurance companies with which MultiPlan also had contracts. The audit provision which was not required to be changed as part of the settlement adequately provides both Sutter and payers with a remedy for disputed payments.

In addition, MultiPlan does not have any involvement with or responsibility for billing methodology or the setting of service charge masters for any provider participating in their networks, and Sutter confirmed that MultiPlan had no involvement with Sutters billing methodology. Furthermore, the number of claims with which MultiPlan was allegedly involved was quite small in relation to the total number of claims which Sutter submitted and which were the subject of the lawsuit.

The Settlement Agreement did not require the amendment of the Sutter agreements or any of MultiPlans current hospital network contracts in California. The Agreement did include certain non-financial terms related to network contracts executed with hospitals in California going forward, all of which are already standard MultiPlan contracting practice.

Lawsuit referenced is case number 34-2010-00079432; court of record is the Superior Court, State of California, County of Sacramento.

About MultiPlan

MultiPlan, Inc. is the industrys most comprehensive provider of healthcare cost management solutions. The company provides a single gateway to a host of primary, complementary and out-of-network strategies for managing the financial risks associated with healthcare claims. Clients include large and mid-sized insurers, third party administrators, self-funded plans, HMOs and other entities that pay claims on behalf of health plans. MultiPlan is owned by BC Partners, a leading international private equity firm, and Silver Lake, the worlds largest private investor in technology. For more information, visit http://www.multiplan.com.







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