Your Medicaid Dollars at Work on Strait Lane, Continued: Is Texas Hedge Fund Heaven?
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Remember how I told you about the Malouf’s amazing real estate acquisitions on Strait Lane? Now, I’m not judging here. For all we know, Dr. and Mrs. Malouf — he’s a dentist — could have inherited a bucketload of money or just belong to the Lucky Sperm Club. Well, maybe. Or not. Wednesday night WFAA’s Byron Harris unearthed even more info on the Medicaid pediatric orthodontic gravy train.
Newsflash: Dr. Malouf sold his money-minting clinics, All Smiles, to Valor Equity Partners, a Chicago-based hedge fund, says Harris.
According to reports Harris dug up, three years ago All Smiles collected $5.4 million from Medicaid orthodontics (MO). That brought All Smiles’ billings to $10.2 million, nearly doubling. Harris says:
The business of charging taxpayers for putting braces on kids’ teeth has mushroomed in Texas in the last three years. Nowhere is that growth more evident than on a stretch of South Buckner Boulevard in Dallas which might be called the “Medicaid Mile.”
As Harris says, hedge funds don’t buy companies that don’t make money, which is why almost all the dental clinics on “Medicaid Mile” are owned by hedge funds. Always interesting to see where and what kinds of enterprises land people on streets like Beverly Drive and Strait Lane.
10 Comments
Wow! So that’s what generated their wealth. Def interesting to know…
Wow! So that’s what generated their wealth. Def interesting to know…
I saw that report last night after reading your blog in the morning!!! way to go on getting this story. I am loving your blog. I found it through Bubblelife. Your stories are great and very relevant. and btw, I'm still disgusted with this story. It's bad enough that our government is not monitoring what is going on with medicare payments but even worse that they are totally OK with paying for braces for just about anyone. I'd like braces for my kids, too. How do I get on that gravy train???
I saw that report last night after reading your blog in the morning!!! way to go on getting this story. I am loving your blog. I found it through Bubblelife. Your stories are great and very relevant. and btw, I'm still disgusted with this story. It's bad enough that our government is not monitoring what is going on with medicare payments but even worse that they are totally OK with paying for braces for just about anyone. I'd like braces for my kids, too. How do I get on that gravy train???
[…] all know Dirk Nowitski’s house, not too far from the dual-mansion spread of Dr. Richard Malouf over there on Strait Lane. I’ve written about it so much I fee like maybe I could move in as long as I brought a big bag […]
[…] all know Dirk Nowitski’s house, not too far from the dual-mansion spread of Dr. Richard Malouf over there on Strait Lane. I’ve written about it so much I fee like maybe I could move in as long as I brought a big bag […]
Too busy making pregnant ladies get unnecessary sonograms I guess
This story is very unsettling. In Texas, we have schools closing, teachers losing jobs and a crisis with the education system. And, we have a man that has made millions by fraudulently filing claims and doing unnecessary dental work and braces. He should be put in prison. While he lives in a mansion with his family, millions of children and families are paying the price. Ultimately, the taxpayer (hard working people) paid for his house and life style. This is unacceptable and my hope is that he is investigated and the appropriate action is taken.
This story is very unsettling. In Texas, we have schools closing, teachers losing jobs and a crisis with the education system. And, we have a man that has made millions by fraudulently filing claims and doing unnecessary dental work and braces. He should be put in prison. While he lives in a mansion with his family, millions of children and families are paying the price. Ultimately, the taxpayer (hard working people) paid for his house and life style. This is unacceptable and my hope is that he is investigated and the appropriate action is taken.