Today's Top 20 Health Finance Articles
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PeaceHealth Oregon hospital closes ED ahead of full shutdown
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 to close Phoenix, Tucson hospice operations
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 completes restatements after errors discovered
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." -
'Great wealth transfer' begins
The current population of billionaires is aging — meaning trillions of dollars will soon switch hands, CNBC reported Nov. 30. -
Tough year ahead for healthcare credit ratings, more defaults expected
Moody's Investor Services expects healthcare company defaults to increase next year as credit ratings deteriorate. -
How a Wisconsin system's Optum partnership will help retain its independence
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. -
CommonSpirit division CFO 'optimistic' heading into 2024
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. -
Mount Sinai gets backlash over planned hospital closure
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. -
How inflation affects Cleveland Clinic, UPMC and Northwell
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. -
Catholic Health gets rating upgrade
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. -
Will hospitals see expense relief in 2024?
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? -
6 RCM headlines from November to know
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: -
Trinity vs. CommonSpirit vs. Providence: How 3 nonprofit systems' finances compare
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. -
'Run, evolve and transform': Trinity's game plan for 2024
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's payer mix
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. -
Trinity slims operating loss to $58.6M in FY Q1
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. -
Texas hospital opens $17M women's facility
After kicking off the project in early February, Medical City McKinney (Texas) has unveiled its $17 million Medical City Women's Hospital McKinney. -
Yale New Haven moves closer to 3-hospital Prospect deal
In light of resumed discussions, Yale New Haven (Conn.) Health is making advancements in acquiring three Connecticut hospitals from Prospect Medical Holdings, CT Insider reported Dec. 1. -
Providence divisions broken down by hospitals, market share
Renton, Was.-based Providence recently reorganized its operating model and grouped seven of its operating regions into three new divisions, shifting the health system from seven regional senior leadership teams to three divisional teams. -
Kansas hospital not rushing replacement for CFO fired for hiding fraud conviction
Lawrence (Kan.) Memorial Hospital CEO Russ Johnson said the hospital will take its time to find a new CFO to replace Mike Rogers, who was fired after hospital staff discovered he was a convicted felon who changed his name last year, The Lawrence Times reported Nov. 29.
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