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  "documentTitle": "athenahealth, Inc. (ATHN)",
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  "authorName": "David Einhorn",
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      "text": "Jonathan knows he has some problems there, too. [video clip] Like many other people, Jonathan Bush wants to fix healthcare. The fix he has in mind is \"a healthy, sustainable market for health information exchange\" but, as he notes, regulations and cultural resistance have kept this from happening. Nonetheless, athena has continued down this path in the hopes that the regulations will change. In 2011, athena lobbied for and received a small exemption from the anti-kickback laws, granted by the Office of the Inspector General. The company believed that this would be the crack in the dam that would eventually lead to an open market. Instead, the OIG reversed its decision last month, signaling that any change in these laws is not likely without an act of Congress. We believe that if the laws around this do change, a small player like athena is unlikely to be in a central position where it can extract monopoly profits. In the meantime, athena hasn't demonstrated a viable business model for continuing to build the backbone.",
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