The Veterans Affairs Department is investigating whether Acadia Healthcare (ACHC) is defrauding government health insurance programs by holding patients longer than is medically necessary, Jessica Silver-Greenberg and Katie Thomas of New York Times report, citing three people with knowledge of the inquiry. The investigation is being led by the agency’s inspector general and comes three weeks after Acadia told investors that it was facing scrutiny for its admissions practices from several other federal investigators, including prosecutors in Manhattan and a grand jury in Missouri, the Times points out. Shares of Acadia are down 8% to $54.59 following the report.
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