‘Payviders,’ burnout and COVID-19 are among the threats to a better year for hospitals in 2021
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Among the many looming threats hospitals will face in 2021 is the rise of so-called payviders insurers that have bought or partnered with medical groups and other providers.
“The line between providers and payers is getting blurrier and blurrier over the course of time with major payers taking significant positions in the provider space,” said David Morlock, a managing director in Cain Brothers’ Health Systems M&A group.
Such deals exploded in 2020, a trend that will likely continue this year. That doesn’t bode well for hospitals, as these deals usually entail managing patients’ cost using global budgets. That means keeping them out of the most expensive settings namely, anything involving a hospital.
Mass General Brigham to pay back cut retirement benefits
Updated Dec 17, 2020;
This article first appeared on the Boston Business Journal’s
.
Despite reporting its worst financial year ever, and facing another temporary shutdown of all elective inpatient procedures, Mass General Brigham told employees it will pay back three months worth of retirement benefits that it had cut earlier this year.
In June, facing $800 million shortfall in expected revenue in just two months, the state’s largest health system had said it would slash executive salaries 25%; reduce manager pay by between 5% and 20%; freeze pay increases for a year for those earning over $26.50 an hour; and suspend retirement benefits. The moves were an attempt to stave off furloughs or layoffs of its its 78,000 employees.
Mass General Brigham reports COVID-related financial losses not as bad as expected bostonglobe.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bostonglobe.com Daily Mail and Mail on Sunday newspapers.
The COVID-19 pandemic and resulting two-month shutdown of elective procedures in Massachusetts drove a $351 million operating loss at Mass General Brigham in its fiscal 2020.