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  "docSlug": "ad16f67f6f75",
  "documentTitle": "Health Management Associates (HMA)",
  "authorId": "12_Glenview",
  "authorName": "Larry Robbins",
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  "presentationDate": "2013-07-01 00:00:00",
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  "notes": "The slide uses a waterfall chart to visually isolate the impact of HITECH payments on the reported EBITDA figure.",
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      "text": "Management allegedly \"beat\" its 2012 Performance Target by including HITECH incentive payments",
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      "text": "HMA Performance (2012) waterfall chart showing Management's Claimed EBITDA ($963M), HITECH payments ($92M), and Adjusted EBITDA less HITECH ($871M) against a target of $924M.",
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      "text": "HITECH Incentive Payments: Paid to Hospitals that show “meaningful use” of electronic records; Paid by the federal government; Established in 2009 by the “stimulus package”; Available 2011-2016; HMA’s 2012 guidance cited an estimated $90-120M in HITECH meaningful use reimbursement; The guidance explicitly excluded HITECH incentive payments from Adjusted EBITDA",
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      "kind": "source-note",
      "text": "Source: Company filings including 2012 proxy statement, press releases, earnings calls and Morgan Stanley equity research. 1. Guidance based on 1/9/12 press release.",
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      "text": "Management allegedly “beat” its 2012 Performance Target by including HITECH incentive payments",
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      "kind": "title",
      "text": "HMA MISAPPLIED MANAGEMENT INCENTIVE COMPENSATION",
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