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The Department of Justice (DOJ) on Wednesday announced it arrested 35-year-old YunHe Wang, a Chinese national charged with creating a global malware network responsible for stealing $5.9 billion in COVID-19 relief funds, in today's bite-sized hospital and health industry news from the District of Columbia, Florida, and Rhode Island.
- District of Columbia: DOJ on Wednesday announced it arrested 35-year-old YunHe Wang, a Chinese national charged with creating a global malware network responsible for stealing $5.9 billion in COVID-19 relief funds. The network, which was also tied to other crimes including child exploitation and bomb threats, has been shut down, according to DOJ officials. Wang is facing a maximum of 65 years in prison with four criminal counts charged against him. (Picciotto, CNBC, 5/29)
- Florida: Gov. Ron DeSantis (R) on Tuesday signed into law a bill that will create a new category of "rural emergency hospitals" and will make them eligible for Medicare payments. Under the law, hospitals will have to provide emergency and observation care as well as outpatient services that don't exceed a length of stay of 24 hours. These hospitals will be exempt from requirements for providing inpatient care and things like surgical care. (Health News Florida, 5/29)
- Rhode Island: CVS Health is searching for a private equity partner to bring in funding for its Oak Street Health business, which CVS purchased last year for $10.6 billion. The company is working with financial advisers and has reached out to multiple private equity firms regarding a potential partnership, but discussions are in the preliminary stages. CVS is reportedly looking for a similar joint venture to the one completed by Humana with Welsh, Carson, Anderson & Stowe (WCAS) in 2020 and 2022 for Humana's CenterWell Senior Primary Care. In the deal, Humana was able to buy back its interest over time, while WCAS netted a return. (Asser, HealthLeaders Media, 5/29)
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