Finance
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HCA tells nurses union to give up bargained wage increases — or face layoffs
The country's largest nurses union said HCA is also threatening elimination of employer contributions to 401k plans, wage freezes and pay cuts if they do not give up contractually-promised raises.
By Hailey Mensik • May 26, 2020 -
Providence St. Joseph Health
Providence, 1st to treat COVID-19 patient, posts $1.1B loss
The nonprofit system saw investment losses of $763 million in the first quarter as stock market volatility followed stay-at-home orders for much of the U.S. That compared to a $582 million investment gain in the prior-year period.
By Shannon Muchmore • May 26, 2020 -
Ascension reports loss of $2.7B in Q1
The nonprofit system saw operating revenue decrease 2.5% year over year in the period ending March 31 to $6.1 billion. That came as expenses like salaries and supplies ticked up by more than 3% to $6.4 billion.
By Rebecca Pifer • May 26, 2020 -
Trinity Health joins other operators battered by pandemic, details CARES funding
The Michigan-based nonprofit reported surgical volumes alone plummeted 25% in March as significant investment losses contributed to a net loss of more than $880 million for the first nine months of its fiscal year.
By Samantha Liss • May 22, 2020 -
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Sponsored by Moss AdamsTips for hospitals to prepare for upcoming worksheet S-10 audits
Get prepared for FFY 2018 Worksheet S-10 audits as CMS appears ready for MACs to begin the next round of audits.
By Michael Newell, Partner, Health Care Consulting Practice • May 22, 2020 -
Master Sgt. Hecht, Matt. (2020). [Photograph]. Retrieved from Flickr.
COVID-19 has upended how Americans obtain healthcare
A new survey by the Alliance of Community Health Plans and the pharmacist lobby AMCP found nearly 40% of respondents plan to delay future care.
By Ron Shinkman • May 21, 2020 -
COVID-19 sinks Advocate Aurora's operating income in Q1
The major nonprofit system was pushed into the red for the quarter due to the pandemic. It has a large presence in the Chicagoland area, a hot spot for the virus, and has discharged more than 3,200 patients who were infected.
By Samantha Liss • May 21, 2020 -
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April was dismal for US hospitals, with long road ahead, surveys find
Operating margins plummeted 174% last month compared to April 2019 and were down 118% from March of this year as surgeries, ER visits and outpatient appointments declined drastically during the COVID-19 pandemic.
By Shannon Muchmore • May 21, 2020 -
Despite $33M in approvals, FCC has sent just 1 provider CARES telehealth funds
"We expect the number of invoices to increase steadily as more funding continues to be approved," an FCC spokesperson told Healthcare Dive.
By Rebecca Pifer • May 20, 2020 -
Nonprofit health systems see investments slide as COVID-19 ravages economy
Major systems like CommonSpirit Health and Kaiser Permanente posted losses of more than $1 billion in first quarter reports.
By Shannon Muchmore • May 20, 2020 -
COVID-19 pushes Mayo Clinic's operating income into free fall
Operating income plunged 88% while margin flatlined to 0.9% by the end of the first quarter due to the onset of the pandemic and the near closure of the health system's outpatient business.
By Samantha Liss • May 19, 2020 -
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Cigna jumps 52 spots on Fortune 500 off Express Scripts buy
Fortune released its annual rankings based on the 2019 revenue of top-earning U.S. companies on Monday. Forty healthcare companies are in the top 500, about the same as the past few years.
By Rebecca Pifer • May 19, 2020 -
Knee replacements nearly halted as hospitals braced for COVID-19, data show
Even service lines involving what are often life-threatening illnesses saw large drops, with cardiac care falling 57% and cancer care decreasing 37%, according to an analysis from software company Strata Decision Technology.
By Shannon Muchmore • May 19, 2020 -
CommonSpirit posts $1.4B loss, says full COVID-19 impact unknown
The biggest proportion of losses were tied to investments, as the nonprofit health system's portfolio dropped in value by nearly $1.1 billion.
By Ron Shinkman • May 18, 2020 -
Fotolia
COVID-19 shreds Sutter Health's finances in matter of weeks
The Northern California nonprofit health system lost more than $1 billion in the first quarter due to the pandemic. Future finances could become even grimmer.
By Ron Shinkman • May 15, 2020 -
Fotolia
Fitch Q2 outlook for nonprofit hospitals: 'worst on record'
Moody's Investors Service also warned this week the impact from the COVID-19 pandemic will linger into next year and noted government assistance won't make up for all the financial losses.
By Hailey Mensik • UPDATED: May 15, 2020 at 9:53 a.m. -
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Front-line COVID-19 responders in middle of pack on pay
Medscape's annual survey also found men continue to earn more than women, a trend that's held now for a decade. Among primary care physicians, men earn roughly 25% more than women.
By Rebecca Pifer • May 14, 2020 -
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Orthopaedic surgeons predict return to somewhat normal volumes in 6 months
While procedures are expected to steadily ramp up over the next six months, Jefferies analysts found that more will be performed outside of hospitals — a trend accelerated by the pandemic.
By Hailey Mensik • May 12, 2020 -
Brian Tucker / Healthcare Dive
Hospitals balk as CMS doubles down on price transparency
In the draft of the Medicare payment rule posted Monday, the agency also proposed raising the rate for inpatient hospital services by about 1.6% in 2021, which would amount to nearly $2.1 billion.
By Shannon Muchmore • May 12, 2020 -
Kaiser reports $1.1B net loss in Q1 due to stock market slide
The quarter did include some COVID-19-related costs, including establishing mobile hospitals and triage units and increasing inpatient capacity, but they were "not significant," the integrated system said.
By Rebecca Pifer • May 11, 2020 -
The image by Original image from Carol M. Highsmith’s America, Library of Congress collection is licensed under CC BY 2.0
Hospitals tell court price transparency laws violate 1st Amendment
Thursday's hearing was the first step in what's likely to be a drawn out legal fight. Negotiated rates between hospitals and insurers have long been private, and hospitals want to keep it that way.
By Hailey Mensik • May 07, 2020 -
AHA says hospital COVID-19 losses top $50B per month
The American Hospital Association estimate counts the first four months of the pandemic, including a forecast through June. It comes as the lobby pushes for additional aid on top of the $175 billion Congress has allocated so far.
By Ron Shinkman • May 06, 2020 -
For-profit hospital chains only saw beginning of COVID-19 impact in Q1
Companies started to see volumes plummet in the end of March as a result of the pandemic, but the effect on overall financial results was relatively limited. That could be a different story for the second quarter.
By Shannon Muchmore • May 06, 2020 -
CVS profit rockets up 41%, but warns April COVID-19 hit could persist
The company reported a significant jump in use of digital and at-home offerings in the quarter, including MinuteClinic virtual visits up 600% and retail prescription home delivery up more than 1,000%.
By Rebecca Pifer • May 06, 2020 -
Hospital, nursing groups join forces to lobby Congress for more COVID-19 funding
The groups requested funding to cover the cost of child care for nurses, physicians and other hospital staff as well as housing and transportation support, enhanced pay and free, regular COVID-19 testing.
By Ron Shinkman • May 04, 2020
