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Baxano Surgical pays $6M to settle federal healthcare fraud beef

Mon, 07/08/2013 - 7:59am
Mass Device

Baxano Surgical closes the books, without admitting wrong-doing, on a Justice Dept. investigation over allegations of healthcare fraud.

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North Carolina medical device maker Baxano Surgical Inc. (NSDQ:BAXS) agreed to pay $6 million to close a Justice Dept. probe initiated nearly 2 years ago. The definitive settlement consummates a tentative agreement the spinal device company forged with federal regulators in December 2012, according to a Baxano Surgical statement.

Baxano Surgical, which admitted no wrong-doing in connection with the settlement, agreed to play the $6 million, plus 2% accrued interest, in 9 quarterly installments beginning July 2013. Baxano had set aside the $6 million in the quarter ended Dec. 31, 2012, the company said.

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