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National Health Laboratories Company

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BUSINESS
December 15, 1994 | DAVID R. OLMOS, TIMES STAFF WRITER
Consolidation in the $30-billion medical-testing business accelerated Wednesday as La Jolla-based National Health Laboratories and Swiss-owned Roche Biomedical Laboratories said they would merge into the nation's largest diagnostic laboratory chain. Company officials and analysts said the merger idea was a response to intense price pressure coming from cost-conscious managed-care firms and the federal government. The combination of the third-largest and fourth-largest U.S.
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BUSINESS
December 15, 1994 | DAVID R. OLMOS, TIMES STAFF WRITER
Consolidation in the $30-billion medical-testing business accelerated Wednesday as La Jolla-based National Health Laboratories and Swiss-owned Roche Biomedical Laboratories said they would merge into the nation's largest diagnostic laboratory chain. Company officials and analysts said the merger idea was a response to intense price pressure coming from cost-conscious managed-care firms and the federal government. The combination of the third-largest and fourth-largest U.S.
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BUSINESS
September 21, 1993 | From Times Staff and Wire Reports
La Jolla Medical Lab Confirms Subpoena: National Health Laboratories Inc., which paid $111 million to settle a Medicare fraud case last year, confirmed that it received a subpoena from Department of Health and Human Services investigators, apparently examining its billing once again. On Sunday, a report on CBS News' "60 Minutes" program charged that the medical laboratory company continues to perform and bill for medical tests not ordered by doctors.
BUSINESS
September 21, 1993 | From Times Staff and Wire Reports
La Jolla Medical Lab Confirms Subpoena: National Health Laboratories Inc., which paid $111 million to settle a Medicare fraud case last year, confirmed that it received a subpoena from Department of Health and Human Services investigators, apparently examining its billing once again. On Sunday, a report on CBS News' "60 Minutes" program charged that the medical laboratory company continues to perform and bill for medical tests not ordered by doctors.
BUSINESS
December 22, 1992 | CHRIS KRAUL, TIMES STAFF WRITER
In a prospectus published last year, National Health Laboratories attributed its 24% average annual sales growth rate since 1986 to "quality and prompt service, aggressive and responsive sales management and detailed cost controls." Fraud, apparently, also played an important role in the impressive growth of the La Jolla-based medical test lab chain. Now the company's future seems very much in doubt.
BUSINESS
December 19, 1992 | TONY PERRY, TIMES STAFF WRITER
In what federal prosecutors called the largest settlement of a medical fraud case in U.S. history, a La Jolla-based firm Friday agreed to refund $110.4 million to government-funded insurance programs and pay a $1-million fine for charging for unneeded blood tests. U.S. Atty. William Braniff said the fraudulent practices used by National Health Laboratories are widespread in the medical testing industry, and other labs nationwide are under investigation.
BUSINESS
June 22, 1993 | PRADNYA JOSHI, TIMES STAFF WRITER
La Jolla-based National Health Laboratories said Monday that it has reached agreement to buy a smaller Massachusetts-based medical testing company in a $257-million deal that would create the nation's second-largest medical laboratories firm. The acquisition of Damon Corp. of Needham Heights, Mass., would also allow National Health to cut costs and strengthen its position in a medical testing industry that is rapidly consolidating, analysts said.
BUSINESS
June 29, 1993 | PRADNYA JOSHI, TIMES STAFF WRITER
Vying for market share in the clinical laboratories industry--where bigger is considered better--No. 2-ranked Corning Inc. on Monday dramatically outbid No. 3-ranked National Health Laboratories for a Massachusetts-based competitor. Corning offered more than $370 million, or $23 a share, to acquire Damon Corp., besting National Health's $16-a-share offer last week by 44%. The news sent Damon stock soaring $5.875 to close at $22.625 on the New York Stock Exchange.
BUSINESS
September 14, 1993 | HENRY WEINSTEIN, TIMES LEGAL AFFAIRS WRITER
Two of the nation's largest clinical laboratories, including a unit of Tarzana-based Unilab Corp., have agreed to pay the federal government $39.8 million to settle charges that the labs filed thousands of false Medicare claims for unnecessary blood tests, the Justice Department announced Monday. The settlement, under which the Unilab unit will pay $4.8 million, is the latest development in the federal government's heightened crackdown against health care fraud.
BUSINESS
September 14, 1993 | HENRY WEINSTEIN, TIMES LEGAL AFFAIRS WRITER
Two of the nation's largest clinical laboratories, including a unit of Tarzana-based Unilab Corp., have agreed to pay the federal government $39.8 million to settle charges that the labs filed thousands of false Medicare claims for unnecessary blood tests, the Justice Department announced Monday. The settlement, under which the Unilab unit will pay $4.8 million, is the latest development in the federal government's heightened crackdown against health care fraud.
BUSINESS
June 29, 1993 | PRADNYA JOSHI, TIMES STAFF WRITER
Vying for market share in the clinical laboratories industry--where bigger is considered better--No. 2-ranked Corning Inc. on Monday dramatically outbid No. 3-ranked National Health Laboratories for a Massachusetts-based competitor. Corning offered more than $370 million, or $23 a share, to acquire Damon Corp., besting National Health's $16-a-share offer last week by 44%. The news sent Damon stock soaring $5.875 to close at $22.625 on the New York Stock Exchange.
BUSINESS
June 22, 1993 | PRADNYA JOSHI, TIMES STAFF WRITER
La Jolla-based National Health Laboratories said Monday that it has reached agreement to buy a smaller Massachusetts-based medical testing company in a $257-million deal that would create the nation's second-largest medical laboratories firm. The acquisition of Damon Corp. of Needham Heights, Mass., would also allow National Health to cut costs and strengthen its position in a medical testing industry that is rapidly consolidating, analysts said.
BUSINESS
December 22, 1992 | CHRIS KRAUL, TIMES STAFF WRITER
In a prospectus published last year, National Health Laboratories attributed its 24% average annual sales growth rate since 1986 to "quality and prompt service, aggressive and responsive sales management and detailed cost controls." Fraud, apparently, also played an important role in the impressive growth of the La Jolla-based medical test lab chain. Now the company's future seems very much in doubt.
BUSINESS
December 19, 1992 | TONY PERRY, TIMES STAFF WRITER
In what federal prosecutors called the largest settlement of a medical fraud case in U.S. history, a La Jolla-based firm Friday agreed to refund $110.4 million to government-funded insurance programs and pay a $1-million fine for charging for unneeded blood tests. U.S. Atty. William Braniff said the fraudulent practices used by National Health Laboratories are widespread in the medical testing industry, and other labs nationwide are under investigation.
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