Health Care Billionaires Got Even Richer From Pandemic, Report Finds
Their collective wealth went up 36% between April 7 and July 31. Health care stocks have surged this year and tend to rally when potential COVID-19 treatments or vaccines are announced.
Newsweek:
Healthcare Billionaires Got Nearly $150B Richer Due To COVID Pandemic
Healthcare billionaires have seen their wealth soar since the coronavirus swept the globe. Billionaires in the healthcare space bumped up their wealth by 36.3 percent between April 7 and July 31, from a total of $402.3 billion to $548 billion, according to a new report by wealth managers UBS and professional services firm PricewaterhouseCoopers. The study looked at the wealth of 2,189 billionaires across the world. The near-$150 billion premium came as demands for key vaccines, medical equipment and treatments increased, with health services across the world left reeling due to ballooning case numbers. (Harley-McKeown, 10/7)
In other news from the health care industry —
Modern Healthcare:
Cigna Becomes Third Major Payer To Restrict MRIs, CT Scans At Hospitals
Soon after Cigna Corp. waived prior authorization requirements and eased coverage rules to ensure patients could receive needed care during the coronavirus pandemic, the health insurer tightened restrictions in other areas. In August, the nation's fourth largest insurer by membership became the third major payer to restrict coverage for most advanced imaging, such as MRIs and CT scans, when performed in a hospital-based department or facility, except in limited circumstances. (Livingston, 10/7)
Modern Healthcare:
Healthcare Companies Cashing In On Financing Vehicle Boom
Despite all its bad news, 2020 has been a good year for burgeoning healthcare companies that have capitalized on the meteoric rise of shell companies pouring billions of dollars into taking them public. This year's market uncertainty, among other factors, has prompted an explosion in initial public offerings among so-called special purpose acquisition corporations, companies that raise money through IPOs and, within two years, spend that money acquiring other companies and taking them public. In the third quarter of 2020 alone, 114 SPACs filed IPOs worth a cumulative $37 billion, compared with eight IPOs worth roughly $2 billion in the prior-year period, according to an RSM analysis of Bloomberg data. (Bannow, 10/7)
Modern Healthcare:
8 Of 10 Biggest September-Reported Breaches Stemmed From Blackbaud
Eight of the 10 largest healthcare data breaches reported to the federal government last month stemmed from a ransomware attack at a third-party software vendor, Blackbaud. The two data breaches that weren't tied to the cyberattack at Blackbaud—at the Baton Rouge (La.) Clinic and University of Missouri Health Care—both involved hackers. (Cohen, 10/7)
Billings Gazette:
Billings Health System Walks Back Red, 'Critical' Designation For Hospital Resources
On Monday, health care system capacity in Yellowstone County elevated to red status on the county’s COVID-19 dashboard on RiverStone Health’s website. By Tuesday, the indicator was dialed back to yellow status. The dashboard provides a snapshot to the public of how the county is handling the novel coronavirus. Yellowstone County Public Health Officer John Felton expressed his concerns Monday saying COVID-19 has put a strain on Billings’ hospitals as cases in the county continued to surge to record highs. (Hall, 10/7)
Dallas Morning News:
Blue Cross Blue Shield Of Texas Vows To Give Back $213 Million Through Refunds, Lower Rates
Blue Cross Blue Shield of Texas, the state’s largest health insurer, plans to give back $104 million to employers in the form of premium credits and reduce its rates by $109 million next year. Despite a worldwide health crisis from the COVID-19 pandemic, fewer people are visiting doctors' offices and surgical centers because of the risk of contracting the coronavirus. But that’s been offset, at least partially, by the high costs of care for COVID-19, which has now infected more than 7.4 million people in the U.S, including nearly 800,000 in Texas. (Arnold, 10/7)
KHN:
Moved By Plight Of Young Heart Patient, Stranger Pays His Hospital Bill
Even with insurance, Matthew Fentress faced a medical bill of more than $10,000 after a heart operation. A cook at a senior living community in Kentucky, he figured he could never pay what he owed — until a stranger who lives 2,000 miles away stepped in to help. “The system still failed me,” said Fentress, 31. “It was humanity that stepped up.” (Ungar, 10/8)
