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  "documentTitle": "Health Management Associates (HMA)",
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  "authorName": "Larry Robbins",
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  "presentationDate": "2013-07-01 00:00:00",
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  "notes": "The slide uses a structured list format to dismantle the company's claim of adopting a quality-based compensation standard.",
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      "kind": "callout",
      "text": "HMA's Quality Requirement does not require superior performance in quality, only results at or above the national median on only roughly half (7 of 13) of the CMS process-of-care measures.",
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      "kind": "list",
      "text": "Targets the median, half the time, and on only process-of-care measures; We believe HMA's Board ignores leading-edge indicators of outcomes and patient experience; Leaves impact on management incentives to the Board's discretion",
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      "text": "In 2013, HMA finally joined its peers in tying executive compensation to quality. In its proxy statement (Def 14A) for 2013, HMA announced that starting in 2013 it would make incentive compensation program awards based on both 1) 2013 Adjusted EBITDA performance against HMA's 2013 profit plan and 2) HMA's achievement against specified clinical process of care measures under the 2014 Hospital Value-Based Purchasing (VBP) Program.",
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      "kind": "quote",
      "text": "\"If [HMA] does not meet or exceed the Quality Requirement, the [Compensation] Committee will exercise its discretion to reduce the portion of the Adjusted EBITDA-Modified Performance Components that is eligible to vest and be paid by up to 20%.\" — HMA Form 10-Q",
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      "text": "1. \"Award Notice\" filed in May as an exhibit to HMA's Form 10-Q for the first quarter of 2013. 2. CMS National Provider Calls on Hospital Value-Based Purchasing for FY13, FY14, and FY15 (held in 2012, 2012 and 2013, respectively). 3. 2013 proxies for HMA, LPNT, and THC.",
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      "text": "Quality: We believe HMA added a toothless standard for 2013",
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