Finances
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UPMC more than quadruples net income to $1.2B amid returning care and investment gains
Though patients returning to medical care delayed earlier in the pandemic helped its provider division, UPMC's health plan margin shrank due to higher medical claims in the period.
By Rebecca Pifer • Nov. 29, 2021 -
Medtronic blames revenue miss on COVID-19 resurgence, hospital staffing shortages
CEO Geoff Martha said the medtech was hit in its second quarter by pandemic-related challenges that weighed on procedure volumes, particularly in the U.S.
By Greg Slabodkin • Nov. 24, 2021 -
Weak investment markets drive Cleveland Clinic's income down 30%
Like its peers, the nonprofit giant reported expense growth outpacing revenue growth in the third quarter, though the disparity between the two wasn't as sharp as other systems'.
By Rebecca Pifer • Nov. 24, 2021 -
Advocate Aurora hit by margin pressure in Q3
The nonprofit system saw a major increase in spending on contracted medical services as well as a jump in supply costs.
By Samantha Liss • Nov. 23, 2021 -
Win McNamee via Getty Images
Labor, supply chain pressures mount for US hospitals, Fitch says
Staffing shortages, higher transportation costs and trouble sourcing some materials threaten healthcare revenue and operating margins in the near term, the ratings agency said.
By Susan Kelly • Nov. 22, 2021 -
Ascension reports second-highest COVID-19 inpatient count
The St. Louis-based nonprofit reported operating income of $25 million for the quarter, a steep decline from the prior-year period.
By Samantha Liss • Nov. 22, 2021 -
Bruce Bennett via Getty Images
CVS unveils new health-focused retail strategy, explicit move into primary care
Along with outlining three new store formats — including sites for primary care delivery, a new area for the retail drugstore behemoth — CVS plans to close 900 stores over the next three years as consumer buying patterns change.
By Rebecca Pifer • Nov. 19, 2021 -
Mayo Clinic reports jump in operating income during Q3
The Rochester, Minnesota-based nonprofit reported robust financial results as revenue grew 10%, outpacing expense growth during a quarter in which rising costs challenged many systems due to heightened labor demands.
By Samantha Liss • Nov. 19, 2021 -
Insurtechs notched feverishly high MLRs in Q3. But it's not necessarily a mark of poor cost management
Despite strong year-over-year revenue growth, the finances of Bright, Clover and Oscar were walloped by coronavirus and risk adjustment headwinds.
By Rebecca Pifer • Nov. 17, 2021 -
Dollar Photo Club
CommonSpirit continuing to pursue Midwest deal as delta pressures operations
The nonprofit is currently in discussions with an undisclosed third party to negotiate the divestiture of its North Dakota and Minnesota facilities, according to its first quarter results.
By Rebecca Pifer • Nov. 17, 2021 -
Win McNamee via Getty Images
As Congress weighs drug price restraints, ICER calls out 'unsupported' increases
In a new report, ICER highlighted AbbVie's price hikes on Humira, which the group said resulted in more than $1 billion in U.S. spending last year without any new evidence of health benefits.
By Jonathan Gardner • Nov. 16, 2021 -
Providence St. Joseph Health
Providence posts operating loss amid delta surge
The nonprofit's volumes increased even though its COVID-19 census plateaued later in the quarter, as patients who deferred care during the pandemic sought treatment, hiking expenses.
By Rebecca Pifer , Samantha Liss • Nov. 16, 2021 -
Baylor Scott & White sees income dip in Q1 as costs climb
Labor costs at the largest nonprofit health system in Texas surged 12% in the quarter ended in September, contributing to a 7% drop in income from operations.
By Susan Kelly • Nov. 15, 2021 -
Providers were protected from pay cuts, layoffs as volumes fell during pandemic, survey finds
"You saw how groups tightened their belts and there was some learning from this that you're not going to let go of," Elizabeth Siemsen, one of the report's authors, said.
By Hailey Mensik • Nov. 12, 2021 -
Courtesy of Amwell
Delta surge spurs Amwell's urgent care growth as specialty, behavioral visits drop off
Urgent care visits generate less revenue, so the shift in mix had an unfavorable impact on total revenue per visit. Amwell's revenue was down 1% year over year to $62.2 million, lower than analyst expectations.
By Rebecca Pifer • Nov. 11, 2021 -
Fotolia
Family premiums rise as employers boost virtual, mental health benefits, KFF finds
About half of employers with at least 200 workers reported healthcare utilization among their plan enrollees was in line with expectations for the most recent quarter, while 32% said it was below estimates.
By Hailey Mensik • Nov. 11, 2021 -
1 in 3 patients defer healthcare due to existing medical debt, TransUnion finds
The credit bureau's healthcare data analytics unit also reported a 55% rise in financial assistance transactions from September 2020 to September 2021.
By Susan Kelly • Nov. 10, 2021 -
Oak Street faces DOJ inquiry into third-party marketing, transportation relationships
Analysts said the inquiry, while in early stages, could pressure the company's stock. "This creates a new potential risk factor that we are unlikely to get clarity on for some time," SVB Leerink analyst Whit Mayo said.
By Rebecca Pifer • Nov. 9, 2021 -
Kaiser's operating margin dwindles as COVID-19 expenses, labor costs rise
Along with ongoing pandemic stresses, the California nonprofit is facing rising expenses amid intense workforce pressure as it faces the start of a major strike next week.
By Rebecca Pifer • Nov. 8, 2021 -
Insurer profitability remained strong in Q3 despite unexpectedly high COVID-19 costs
For most payers, higher-than-expected coronavirus costs were offset by patients continuing to delay nonessential medical care.
Nov. 5, 2021 -
Julia Rendleman via Getty Images
Cigna reports special enrollment period led to bump in medical claims, still posts $1.6B profit
Analysts characterized the third quarter results as mixed, even as the payer hiked its forecast for the remainder of the year.
By Samantha Liss • Nov. 4, 2021 -
Fotolia
Adults support major changes to US healthcare system amid rising costs, survey finds
Those surveyed showed the widest support for policy changes that could lower drug costs, followed by measures limiting what both hospitals and doctors can charge for services, according to the Robert Wood Johnson Foundation.
By Hailey Mensik • Nov. 4, 2021 -
One Medical
Iora boosts One Medical's 50% revenue growth, but medical costs ding Q3 bottom line
Currently, at-risk membership makes up less than 5% of One Medical's overall membership base. But Medicare revenue in the quarter made up more than a fifth of the primary care chain's topline.
By Rebecca Pifer • Nov. 4, 2021 -
Courtesy of Humana
Humana cuts outlook after delta surge raises utilization expectations
Hospitalization trends were on par with January 2021, the height of the pandemic. As a result, Humana expects utilization to run higher than its original forecast, cutting into earnings expectations for the full year.
By Samantha Liss • Nov. 3, 2021 -
Alex Wong via Getty Images
CMS finalizes plans to hike price transparency penalties, extend telehealth flexibilities
The agency is also moving forward with a plan to stop the elimination of the Medicare inpatient-only list, which is a win for hospitals.
By Shannon Muchmore • Nov. 3, 2021
