Incorrect billing at Edward W. Sparrow Hospital led to Medicare overpaying the Lansing, Mich.-based hospital $550,917, according to an audit from HHS' Office of Inspector General. 

The COVID-19 pandemic has had significant financial effects for hospitals and health systems across the country, due to lower patient volumes, canceled elective procedures and higher expenses tied to the public health crisis. Many organizations have been forced to redeploy, furlough, lay off or reduce pay for workers, and revenue cycle management leaders have had to assess their approach to billing and collections processes, as well as the overall patient financial experience.

Private equity firm Clearlake Capital has signed a definitive agreement to acquire the technology division of nThrive, a healthcare revenue cycle management company, according to a Nov. 19 news release. 

Robert "Bob" Glenning serves as the president of the financial services division and CFO at Edison, N.J.-based Hackensack Meridian Health, an integrated system with 17 hospitals, 500 patient care locations and 36,000 employees. 

Residents in an Illinois city have raised more than $11,000 to help their longtime postal worker pay for medical care as he battles COVID-19, according to the Chicago Tribune.

From reimbursement landscape challenges to dwindling patient volumes, many factors lead hospitals to file for bankruptcy. At least 32 hospitals across the U.S. have filed this year, and the financial challenges caused by the COVID-19 pandemic may force more hospitals to enter bankruptcy in coming months.

A Houston physician was ordered Nov. 18 to serve five years in prison and to pay $9.5 million in restitution for her part in a $17 million Medicare fraud scheme, according to the Houston Chronicle. 

Medicare has been overpaying hospitals for recalled or faulty heart devices, according to a Nov. 16 report from HHS' Office of Inspector General.

Despite a drop in net income of 76 percent, Beaumont Health said it's providing a $1,000 recognition payment for full-time employees and other financial perks to its staff.

Chinese investor Tianqiao Chen and his group of companies have an 18.8 percent stake in Franklin, Tenn.-based Community Health Systems after recently selling 5 million shares of the company, according to a Securities and Exchange Commission filing.

Allina Health's revenue declined year over year in the first nine months of this year, and the Minneapolis-based health system ended the period with an operating loss, according to unaudited financial documents released Nov. 12. 

Rich Silveria has spent the last three years as executive vice president and CFO of the University of Chicago Medical Center and more than 30 years in healthcare, but his road to the C-suite has been anything but traditional. 

There were more than 300 private equity deals in the healthcare industry in 2019, and the healthcare sector has continued to draw private equity investors in this year. 

Minneapolis-based M Health Fairview has officially closed the 137-year-old Bethesda Hospital in St. Paul, Minn.

Improper Medicare fee-for-service payments have declined by about $15 billion since 2016, CMS said in a Nov. 16 news release. 

ALN Medical Management, a revenue cycle management firm based in Lincoln, Neb., acquired Nexus Healthcare Solutions for an undisclosed amount.

Physicians and nurses across the country are retiring early, and thousands of medical practices are closing due to the pressures of the COVID-19 pandemic, according to The New York Times.

Below are 10 hospitals and health systems that recently posted job listings seeking CFOs.

Millennials, or those born between 1981 and 1996, are more likely than other generations to report a surprise medical bill, according to a survey from HealthCare Insider, a health plan comparison website.

Memorial Sloan Kettering Cancer Center in New York City saw its operating loss reach $453.3 million in the nine months ended Sept. 30, despite receiving $100 million in federal relief aid, according to recently released financial documents. This compares to an operating income of $76.9 million in the same period in 2019.