Pacs Group ‘systematically scamming taxpayers,’ Hindenburg Research says

In a newly-published short report targeting Pacs Group (PACS) – a $6.7B Utah-based operator of skilled nursing facilities, or SNFs, that serves 29,000 patients daily, Hindenburg Research says “Our 5-month investigation, including interviews with 18 former employees, competitors, and an analysis of 900+ detailed facility-level cost reports, revealed that PACS’ ‘turnaround’ strategy largely boils down to systematically scamming taxpayer-funded healthcare programs.” The firm believes Pacs risks “significant regulatory penalties” and contends that if the company is forced to curtail its “many ongoing billing and staffing schemes,” it will be “revealed for what it is: an unprofitable roll-up of distressed SNFs with no path to legitimate profitability under the current profoundly corrupt leadership.”