As hospitals look toward AI adoption, RCM’s ability to attribute value makes it an ideal initial testing ground.

Nearly one year after being shut down, the clock is ticking for Madera (Calif.) Community Hospital as it continues the push to reopen its doors, Cal Matters reported Dec. 5.

Steward Health Care is planning to close Stoughton, Mass.-based New England Sinai Hospital this spring, the system said Dec. 4.

Eugene, Ore.-based PeaceHealth Sacred Heart Medical Center University District closed the doors to its emergency department Dec. 1, with plans to fully shut down its hospital tower in the coming weeks, The Register-Guard reported Dec. 5. 

Banner Health is closing its hospice operations in the Phoenix and Tucson, Ariz., metropolitan areas and transferring patients and employees to a nonprofit provider, according to the Phoenix Business Journal. 

R1 RCM completed the restatement of previously issued financial statements after it previously identified "errors related to the accounting for certain acquiree compensation costs (e.g., transaction bonuses and accelerated equity award vesting) incurred as a result of historical acquisitions." 

The current population of billionaires is aging — meaning trillions of dollars will soon switch hands, CNBC reported Nov. 30. 

Moody's Investor Services expects healthcare company defaults to increase next year as credit ratings deteriorate.

Shifting 835 employees to Optum will help Pewaukee, Wisc.-based ProHealth Care remain independent at a time of increasing mergers and acquisitions, CEO Susan Edwards told the Milwaukee Business Journal Dec. 4. 

With 2023 coming to a close, Becker's connected with Shelly Schorer, CFO of the California division of Chicago-based CommonSpirit Health, to discuss the continued financial challenges plaguing the healthcare industry and to get her thoughts moving into 2024.

Local residents and elected officials packed a town hall meeting on Nov. 28 to voice their opposition and ask questions about Mount Sinai's plan to close its Beth Israel campus in July, The Spirit reported Dec. 4. 

While inflation nationwide has fallen since its peak, health systems in Pennsylvania, New York, and Ohio still reported in recent earnings reports that they are feeling the cost of rising prices. 

Buffalo, N.Y.-based Catholic Health has received a Moody's Investors Service upgrade following a string of downgrades over the last two years, Buffalo Business First reported Dec. 1.

Inflation and workforce shortages have rocketed expenses for hospitals in the last two years, and executive teams are pivoting to stabilize finances as much as possible. Will 2024 economic trends bring relief or more of the same pressures?

From R1 RCM announcing it will restate previously issued financial statements, to a look at ThedaCare's approach to tackling claims denials, here are six RCM updates Becker's reported in November: 

Three of the largest nonprofit health systems, Providence, CommonSpirit and Trinity Health, reported operating losses and margins in the red for the three months ending Sept. 30, with higher labor and supply costs across the board. However, the systems all experienced increases in revenue as patient volumes continue to rebound. 

Livonia, Mich.-based Trinity Health is diving into 2024 with a "run, evolve and transform" framework to help mitigate the impact on operations from continued negative economic factors.

Cleveland Clinic reported a $14.9 million operating loss on revenues of $3.6 billion in the third quarter of 2023, according to financial documents filed Nov. 29. 

Livonia, Mich.-based Trinity Health reported an operating loss of $58.6 million (-1% margin) in the first quarter of the fiscal year — the three months ended Sept. 30 — compared to a $146.3 million loss (-2.9% margin) during the same period in 2022. 

After kicking off the project in early February, Medical City McKinney (Texas) has unveiled its $17 million Medical City Women's Hospital McKinney.