Steward Health Care to close Massachusetts hospital amid financial troubles

The for-profit operator said low reimbursement rates and financial challenges will cause it to shutter the 182-bed facility.

By Susanna Vogel • Dec. 6, 2023

Nonprofits’ 2024 outlook still ‘deteriorating,’ Fitch says

Next year will be another “make or break” year for the nonprofit sector, with success determined by hospitals' labor agenda.

By Susanna Vogel • Dec. 5, 2023

CVS overhauls how its retail pharmacies charge for prescription drugs

Under the new model, CVS’ pharmacy network will price drugs based on the amount the company paid for them, plus a defined markup and additional pharmacist fee.

By Rebecca Pifer • Dec. 5, 2023

Cleveland Clinic posts slimmer operating losses in Q3

The Ohio-based health system struggled financially during its fiscal year 2022. However, rising patient demand has since cut the nonprofit’s operating losses.

By Susanna Vogel • Dec. 4, 2023

Lifepoint Health and Ascension Saint Thomas announce joint venture

The health systems will jointly operate four-hospital Highpoint Health in Tennessee, though Lifepoint will retain majority ownership. 

By Susanna Vogel • Dec. 4, 2023

The next era of hospital, healthtech and outsourced provider partnerships

Engaged patients, employees and communities are crucial to building a stronger foundation of access, affordability and equality in care delivery.

By Kerry Jessani, Head of Healthcare, Higher Education & Not-for-Profit, and Lauren Ruane, Head of Healthcare Services at J.P. Morgan Commercial Banking, Middle Market Banking & Specialized Industries • Dec. 4, 2023

Providence, struggling to rebound, posts more losses in Q3

The Washington-based nonprofit battled rising expenses despite having targeted recovery plans in place.

By Susanna Vogel • Nov. 30, 2023

Medicare Advantage rate change bedevils UnitedHealth’s 2024 outlook

UnitedHealth’s MA growth could be depressed next year thanks to a rate notice from the CMS that’s deeply unpopular with insurers, management said during an investor day.

By Rebecca Pifer • Nov. 30, 2023

Highmark Health’s insurance business boosts earnings

The insurance arm pushed the healthcare parent company to positive results during the first nine months of 2023 after its provider arm, Allegheny Health, reported an operating loss.

By Susanna Vogel • Nov. 29, 2023

Cigna, Humana in talks to merge: WSJ

The merger would have major effects on the makeup of the U.S. health insurance industry, and would almost certainly face a regulatory challenge.

By Rebecca Pifer • Nov. 29, 2023

Global medical costs to dip in 2024 — but respite may not last long, research finds

Medical costs will continue to rise over the next few years, according to WTW. Surveyed insurers blamed expensive medical technologies and an overuse of health services.

By Susanna Vogel • Nov. 29, 2023

Hospitals continue post-COVID recovery: Kaufman Hall

Margins and volumes are still stabilizing above pandemic levels, according to a new report from the consultancy.

By Emily Olsen • Nov. 29, 2023

Advocate Health slows growth in Q3

The nonprofit remained in the black for the first nine months of 2023, but performance dipped slightly in the third quarter.

By Susanna Vogel • Nov. 27, 2023

Average per-worker cost of health benefits rose by 5.2% in 2023: survey

Inflation is a contributor to the increase, but rising prescription drug costs are likely to have a longer-term impact, according to a Mercer report.

By Emily Olsen • Nov. 22, 2023

Intermountain Health financials are in the black, but down from 2022

The Salt Lake City-based operator posted $912 million in net income for the first nine months of 2023, down from the $2.2 billion reported last year.

By Susanna Vogel • Nov. 22, 2023

Insurers’ financial outlook stable despite higher MA utilization: Moody’s

Publicly traded health insurers’ financial results held steady in the third quarter, boosted by strong investment income and membership growth, according to the credit ratings agency.

By Emily Olsen • Nov. 22, 2023

Healthcare bankruptcies are rising. Here are five major filings so far in 2023.

Bankruptcies have spiked this year as federal COVID-19 funding lapsed and heightened interest rates, regulatory changes and labor shortages squeezed the sector.

By Sydney Halleman • Nov. 22, 2023

Mayo Clinic posts $4.5B in operating revenue for Q3

After a rocky 2022, the Minnesota-based nonprofit has posted a net income in three consecutive quarters on sustained volumes and moderating expenses.

By Susanna Vogel • Nov. 17, 2023

CommonSpirit kicks off 2024 fiscal year with $738M loss

The nonprofit operator hopes that a California provider fee program, due to pay out later this fall, will lessen its losses.

By Susanna Vogel • Nov. 16, 2023

Most rural hospitals no longer deliver babies, report finds

Financial challenges at rural hospitals — driven by reimbursement problems — are leading facilities to shutter labor and delivery wards, the report found.

By Susanna Vogel • Nov. 13, 2023

Mass General Brigham offers buyouts to workers in its digital unit

The buyouts come after the Boston-based nonprofit health system faced scrutiny from state regulators over spending.

By Susanna Vogel • Nov. 13, 2023

4 ways healthcare organizations can navigate industry challenges

Trends across technology, talent, care and operations are forcing healthcare leaders to take stock and anticipate where to focus their attention over the next three to five years.

Nov. 13, 2023

Optum Rx moves 8 insulins to preferred formulary status as pressure mounts on PBMs

The drugs shifting to preferred status — meaning they’ll be available for under $35 per month in out-of-pocket costs — were previously on tier three or excluded altogether from the pharmacy benefit manager’s formulary lists.

By Rebecca Pifer • Nov. 10, 2023

HCA outlines plans to expand market share by 2030

The hospital operator said last week it is investing billions to expand emergency services and high acuity business lines.

By Susanna Vogel • Nov. 10, 2023

Walgreens lays off 5% of corporate workforce; CMO Kevin Ban departs

Yet another round of job cuts and executive turnover at Walgreens comes as the pharmacy chain looks to cut costs following poor financial performance.

By Rebecca Pifer • Nov. 10, 2023