Hospital Sector Forecasted To End The Year In The Red
Data collected from 900 U.S. hospitals indicates that profit margins have declined from the same time last year, while costs and labor expenses rose.
Modern Healthcare:
Hospitals Expected To End 2022 With Negative Margins
Higher expenses due to staff shortages and fewer patients are straining finances in the hospital sector, which is on track to end the year with negative margins, according to data Kaufman Hall published Wednesday. (Devereaux, 11/30)
In related financial and corporate news —
Modern Healthcare:
Cleveland Clinic's Net Loss Tops $1.5B For First 3 Quarters Of 2022
Cleveland Clinic’s net losses for the year so far have exceeded $1.5 billion as labor costs remain elevated. The Ohio-based nonprofit reported $316.3 million in operating losses in the first three quarters of 2022, compared with a $549.44 million gain in the year-ago period, according to financial statements released this week. Investment losses totaled $1.26 billion. (Hudson, 11/30)
Crain's Cleveland Business:
Cleveland Clinic Expands Global Network To Five New Countries
Cleveland Clinic, a growing player in international healthcare, is expanding its global network of in-country representatives to five new locations: Canada, China, Colombia, Ecuador and Mexico. (11/29)
The Wall Street Journal:
General Electric Sets Healthcare Division Spinoff Plans
General Electric Co. set the terms for the spinoff of its healthcare division, putting an initial value of roughly $31 billion on the soon-to-be-public company. GE said current shareholders would get one share in the new GE HealthCare Technologies Inc. for every three shares they hold in GE. The separation is set for Jan. 3 after the markets close, and the new shares will trade on Nasdaq under the symbol GEHC. (Gryta, 11/30)
Axios:
Hospital Care At Home Faces Possible Sunset
A pandemic-driven workaround that delivers hospital-level care in patients' homes could become a bargaining chip as Congress hashes out a year-end spending deal. (Dreher and Reed, 12/1)
WMFE:
Nurses Protest Elimination Of Newborn Nursery Unit At Osceola HCA Hospital
Union nurses protested Tuesday morning in Kissimmee over an Osceola County hospital’s decision to cut its newborn nursery unit, which they say will force low-income, high-risk patients to pay the price. (Pedersen, 11/30)
In other health care industry news —
The Baltimore Sun:
‘Very Little Hope At This Point’: Protests Against Proposed Johns Hopkins Armed Police Force Continue But With Less Steam
“A few minutes after 1 p.m. we’re going to start marching,” a faculty member announced to a crowd of about 50 on the Johns Hopkins University campus Wednesday afternoon. The group had gathered to protest the proposed creation of a private armed university police force. (LeBoeuf, 11/30)
NBC News:
Medical Terms Used By Doctors Often Baffling To Patients
In a study published Wednesday in the journal JAMA Network Open, University of Minnesota researchers found that the language doctors often use tends not to translate easily into everyday English. A positive test result, for example, generally suggests something negative: A disease like Covid, for example, has been detected. (Edwards, 11/30)
The Boston Globe:
New Survey Reveals Stark Racial Disparities Among Those Who Rely On ERs For Health Care
Black and Hispanic residents were far more likely than white residents to visit hospital emergency departments for care, even before the pandemic, according to a new state analysis released Wednesday. (Bartlett, 11/30)
