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The U.S. Justice Dept. launches a probe into hospital chain HCA Holdings, reviewing the medical necessity and Medicare billing practices surrounding implantable cardio-defibrillators.

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HCA Holdings (NYSE:HCA) took a hit on Wall Street today after the hospital chain revealed a federal probe into several hospitals' use of heart rhythm implants.

The U.S. Justice Dept. launched an investigation into the nationwide hospital operator and whether its use of implantable cardiac defibrillators met Medicare necessity criteria for reimbursement.

The DOJ will review certain billing and medical records at 95 HCA sites covering a period from October 2003 to the present, according to HCA's latest financial report.

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