Clinical and nonclinical staffing shortages are likely to persist for nonprofit hospitals through 2024, and longer for some markets, according to an Oct. 2 report from Fitch.

Gardner, Mass.-based Heywood Healthcare has filed for Chapter 11 bankruptcy protection, citing a string of challenges "hindering its sustainability." 

Decatur, Texas-based Wise Health System, which is due to be acquired by a subsidiary of Nashville, Tenn-.based hospital giant HCA Healthcare, was downgraded three notches amid "very weak" operating performance, Fitch said Sept. 29.

From the American Medical Association releasing its annual CPT code update, to Atheneahealth naming a senior vice president of revenue cycle management, here are seven RCM headlines to know from September: 

Hospital and health system executives are looking for ways to add revenue as costs continue to increase and margins stay tight. Many see boosting clinical care services, outcomes and value-based care initiatives as the path to a stronger financial situation.

Hospital margins are moving in the right direction, as the median year-to-date operating margin improved in August to 1.1 percent, according to Kaufman Hall.

CMS has fined West Covina (Calif.)  Medical Center alleged price transparency violations.

Expanding access to medical care, forging partnerships to expand behavioral health and  treating a growing uninsured population are priorities for Atlanta-based Grady Health System. 

Southwestern Health Resources, a 31-hospital joint venture between UT Southwestern Medical Center and Texas Health Resources, is laying off employees, The Dallas Morning News reported Sept. 29.

Livonia, Mich.-based Trinity Health, one of the largest nonprofit health systems in the country, posted a $431.6 million operating loss for its full fiscal year on revenue of $21.6 billion.

Tacoma, Wash.-based MultiCare's default rating remains at "A+" but weak operating performance has seen its outlook revised to negative, Fitch said Sept. 29.

Cleveland Clinic has invested in $300 million of new bonds that are to be used in conjunction with future expansion by the system, according to a Sept. 29 filing.

Bolivar, Mo.-based Citizens Memorial Hospital is planning a multimillion-dollar expansion that will add an emergency room and inpatient beds to the hospital, according to Ozarks First.

Becker's reported on four hospitals that announced bankruptcies or closure plans since Sept. 1: 

Here is a summary of recent credit downgrades and outlook revisions for hospitals and health systems.

Healthcare CFOs are facing headwinds as they enter the final stretch of 2023. Becker's connected with Brett Tande, CFO and corporate senior vice president of San Diego-based Scripps Health, to learn how the system is focusing on financial health, from generative AI to smart growth to a durable balance sheet. 

San Diego-based Scripps Health's clinic and coastal medical groups will stop participating in Medicare Advantage plans, effective Jan. 1, a move that will affect about 32,000 seniors enrolled in plans from UnitedHealthcare, Anthem Blue Cross, Blue Shield of California and Centene's Health Net, among others, according to the Encinitas Advocate.

King of Prussia, Pa.-based Universal Health Services, one of the largest for-profit health systems in the country, is able to maintain a higher credit rating over many of its peers because of low leverage and a strong operating position, Fitch said Sept. 28.

Healthcare CFOs' tenures last an average of 4.7 years, according to a recent report from Crist Kolder Associates. Mike Buongiorno served as the CFO of Radnor, Pa.-based Main Line Health for more than five times that average. 

The hospital workforce is critical to the care process and is most often the largest expense on a hospital or health system's balance sheet. Even before the pandemic, labor expenses — which include costs associated with recruitment and retention, employee benefits and incentives — accounted for more than 50 percent of hospitals' total expenses, according to the American Hospital Association.