1.) Accretive's Idiocy
File this under ironic. Or moronic. Whatever suits you.
sank over 20% percent Wednesday, after the company said it will delay the release of its fourth-quarter and 2012 results because it needs to review the way it records revenue. Accretive yanked its annual guidance, which called for adjusted net income of 23 to 27 cents per share and net service revenue of $948 million to $980 million. Wall Street analysts forecasted net income of 25 cents and $950.8 million in revenue for the year and earnings of 9 cents and $237.3 million in revenue for the fourth quarter.
Oh, in case you were unfamiliar with Accretive Health, take a guess as to what they do for customers.
Don't know? No worries. We'll just borrow the company's own description of its business from its press release.
"Accretive Health partners with healthcare providers to help them more effectively manage their revenue cycles, strengthen their financial stability, and improve the quality of care they provide while reducing overall healthcare costs."
Yes friends, the company that helps its clients manage their revenue cycles can't manage its own. And no, it doesn't get any dumber than that.
Well, actually it could get dumber if they are forced to restate prior financial statements. And according to the company's release, that's a very real possibility.
And on that note, we would also advise the company to restate the advertising slogan on its Web site.
Sticking with the current catchphrase "Results Providers Trust" is just too laughable. Or sad.
You know. Whatever suits you.