Several healthcare organizations recently received donations to fund new facilities, research, renovations and patient care.

Many hospitals across the country took a financial hit from the COVID-19 pandemic, but some large health systems were still profitable in 2020. 

The COVID-19 pandemic has made it even more crucial that hospitals and health systems have an efficient revenue cycle, and artificial intelligence technology can increase productivity in this area.

In late 2020, Congress passed the No Surprises Act to protect patients from surprise billing. The legislation, which takes effect next year, will require providers to revamp several revenue cycle processes. 

The family foundation of billionaire real estate developer and casino owner Steve Wynn has donated $50 million to Utica, N.Y.-based Mohawk Valley Health System, according to the Observer-Dispatch.

MedStar Georgetown University Hospital received a record-breaking $10 million gift to support the building of a medical and surgical pavilion, the Washington, D.C.-based hospital said March 3. 

Sacramento, Calif.-based Sutter Health called 2020 one of the "toughest financial years" in the organization's 100-year history and said it will begin a sweeping review of its finances. 

Miami, Fla.-based Nicklaus Children's Hospital launched its partnership with Ensemble Health Partners, a revenue cycle management company, in late 2019. The relationship proved invaluable when the pandemic hit.

Ten hospitals and health systems recently posted job listings seeking revenue cycle management expertise.

Last year's Medicare claims data on physician services shows that spending was 19 percent lower than projected levels during the first half of 2020, resulting in a reduction of $9.4 billion in payments to physicians, according to a report released March 3 by the American Medical Association.

Prescribing clinicians and patients under the Medicare Part D program requested brand name prescription drugs over generics 30 percent of the time when a brand name drug was dispensed in 2017, and such choices are costing Medicare billions, according to a study published March 2 in JAMA Network Open.

Cleveland Clinic ended the fourth quarter of last year with higher revenue and operating income than in the same period a year earlier. 

Kennett Square, Pa.-based Genesis HealthCare will institute a three-pronged restructuring plan to improve its financial metrics and cut debt by $236 million, the company said March 3. 

Medicare reimbursement for physician services were an average $114,000 higher per physician per year when billed by hospitals rather than by independent physician practices from 2010 to 2016, according to a study recently published in Health Services Research.

Jellico (Tenn.) Medical Center closed March 1, days after the city council voted to send a contract termination notice to the hospital's operator, Rennova Health, according to TV station WBIR.

The treatments for 379 rare diseases cost the U.S. economy nearly $966 billion in 2019, according to The National Economic Burden of Rare Disease Study.

As hospitals continue to experience the growth of outpatient, outreach and ambulatory centers, a cost-effective approach is critical, because lack of one can result in uncollected claims. Often hospitals and health systems rely on their existing EHR technology to handle all claims but for outpatient related services this might not be the best approach.

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

CMS is allocating $2.3 million to boost ACA sign-ups in underserved communities, the agency said March 1. 

From changing payer mixes to significant revenue losses, a slew of business challenges caused by the COVID-19 pandemic have confronted hospitals across the U.S.