Home health provider Amedisys Inc. said Thursday it is being investigated by the Securities and Exchange Commission over Medicare billing.
The company said it received a subpoena for documents relating to a Senate Finance Committee investigation. Amedisys said it plans to cooperate with the SEC.
In May, the Senate Finance Committee launched an investigation into the billing practices of Amedisys, Almost Family Inc., Gentiva Health Services Inc. and LHC Group Inc. The investigation raised questions about whether the companies increased their number of patient visits out of medical necessity or in order to deliberately trigger higher Medicare reimbursements.
Shares of Amedisys fell $7.39, or 17 percent, to $36.59 in morning trading. The stock has traded between $29.71 and $64.28 over the last 52 weeks.