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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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      "text": "HMA demonstrated 86% EBITDA growth in the 10 years ending 2012, but <1% total shareholder return",
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      "text": "4. Misalignment between Board direction and shareholder priorities",
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      "text": "Multiple investigations: The backbone of any hospital company must be the quality of care and integrity of relationships with patients and payers. Two Department of Justice investigations and one SEC investigation. Weak corporate governance: Unlike peers, HMA does not have a Board specific committee with direct oversight of both compliance and quality.",
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      "text": "Misapplication and poor construction of management incentive plans. Myopic focus on M&A, no balanced capital allocation strategy. Failure to establish continuity with long-term senior management.",
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      "text": "EXECUTIVE SUMMARY – THE CASE FOR CHANGE AT HMA",
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