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A class-action lawsuit filed against TeamHealth accuses it of widespread fraudulent medical billing at hospitals and ERs, according to Hagens Berman.
Moody's also downgraded Team Health's senior secured term loan and revolving credit facility's ratings to Caa1 from B2 and unsecured notes' rating to Ca from Caa2. The downgrade of Team Health's ratings reflects an expectation of a severe decline in revenue and cash flow in the coming weeks due to reduction in emergency room services demand and postponement of elective procedures amid the continuing COVID-19 outbreak.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Team Health Holdings, Inc. New York, February 13, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Team Health Holdings, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.