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Providence-KP Team Up to Attract Patients in California's Growing High Desert Region modernhealthcare.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from modernhealthcare.com Daily Mail and Mail on Sunday newspapers.
Print Health systems with better credit ratings tended to weather bigger profitability declines in 2020 than their peers with weaker credit, a new report finds. Fitch Ratings noted that the median operating margin across not-for-profit hospitals and health systems fell to 1.5% in fiscal 2020, a year marked by the COVID-19 pandemic, even with federal stimulus grants. That s compared with 2.3% in 2019. But surprisingly, the decline skewed larger among systems with credit ratings in the AA and A categories than those in the lower BBB and below investment grade (BIG) categories. The bigger hits happened because health systems with stronger balance sheets recognized they had the cushion to absorb losses. With that in mind, they purposefully declined to lay off or furlough employees during the pandemic to ensure they d have enough staff in the long run, said Kevin Holloran, a senior director with Fitch and its healthcare sector leader. ....
Despite COVID, many wealthy hospitals had a banner year with federal bailout echopress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from echopress.com Daily Mail and Mail on Sunday newspapers.
Despite COVID, many wealthy hospitals had a banner year with federal bailout The recipient of $338 million, Mayo Clinic ended the year with revenue that was $202 million higher than in 2019. Mayo recorded a $728 million surplus, which equaled a 5.2% margin. Other health systems, such as NewYork-Presbyterian Hospital and CommonSpirit Health, lost money despite federal grants in the vicinity of a billion dollars each. Written By: Jordan Rau and Christine Spolar / Kaiser Health News | 10:10 am, Apr. 5, 2021 × A banner reading “Ranked #1 in the Nation” is displayed in Annenberg Plaza on Monday, July 26, 2020, at Mayo Clinic in downtown Rochester. (Traci Westcott / [email protected]) Last May, Baylor Scott & White Health, the largest nonprofit hospital system in Texas, laid off 1,200 employees and furloughed others as it braced for the then-novel coronavirus to spread. The cancellation of lucrative elective procedures a ....
Fotolia Advocate Aurora Health is expanding its reach beyond its traditional hospital business with the launch of an investment group on the hunt for organizations it can either acquire or fund in the consumer and wellness sectors. Advocate Aurora Enterprises was unveiled with its first two deals, the acquisition of Senior Helpers, a firm that offers in-home care for older adults and an investment in Foodsmart, a telenutrition company. For years, the health system s core focus has been providing a range of medical services to Midwesterners throughout Illinois and Wisconsin via traditional inpatient services as well as its vastly growing outpatient business. The hope is that this for-profit venture will yield an additional revenue stream to ultimately contribute to Advocate Aurora s bottom line. ....