Kaiser Permanente Reports 2021 Most Profitable Year Yet
The health system's net income grew over 27% versus 2020's figures despite higher demands on its services during this phase of the pandemic. Medical school enrollments, health system joint ventures, the unknown impact of telehealth on costs, and more are also in the news.
Modern Healthcare:
Kaiser Permanente Broke Its Own Profit Record In 2021
Kaiser Permanente had its most profitable year yet in 2021, drawing $8.1 billion in net income. Oakland, California-based Kaiser once again benefited from strong investment returns last year, beefing up its nonoperating income even as its operating income grew slimmer. The integrated health system's net income grew 27.2% year-over-year, from an already strong $6.4 billion in 2020. (Bannow, 2/11)
In other health care industry news —
Oklahoman:
Medical School, Nursing Program Enrollment Fluctuates During COVID
As a teen, Spencer Garrett dreamed of going to business school and someday becoming a CEO. But the more she thought about her career trajectory, the more she realized she loved helping people, and the more she wanted to see the day-to-day results of her actions making a difference. After exploring a hospital through a high school leadership program, Garrett's decision was made. She wanted to be a nurse. Within a few years, a pandemic was raging across the country. Garrett's choice had been a timely one. (Christopher Smith and Denwalt, 2/12)
Modern Healthcare:
More Health Systems Enter Joint Ventures With Home Health Agencies
More health systems are partnering with home health agencies after internal ventures sputtered and regulations have evolved, industry experts said. Chicago-based NorthShore – Edward-Elmhurst Health is the latest health system to pursue a joint venture with a home health and hospice agency, announcing an affiliation Thursday with Residential Healthcare Group. It is one of dozens of similar joint ventures that have formed over the past 18 months. (Kacik, 2/11)
Chicago Tribune:
Northwestern Plans New ‘Heart Hospital,’ With $45 Million Donation From Billionaire Neil Bluhm
Northwestern Memorial Hospital is opening a new heart hospital within its walls, with $45 million donated by casino magnate Neil Bluhm and his family’s charitable foundation. The money will allow Northwestern to increase its number of beds for cardiovascular patients in need of overnight care from about 85 to 140, said Dr. Patrick McCarthy, executive director of the Northwestern Medicine Bluhm Cardiovascular Institute. The new Northwestern Medicine Bluhm Heart Hospital will occupy four floors of Northwestern’s Galter Pavilion, which previously housed administrative and physician offices and outpatient services, said Dr. Clyde Yancy, chief of cardiology at Northwestern Medicine. (Schencker, 2/14)
Modern Healthcare:
ChristianaCare To Acquire Crozer Health Medical Group
ChristianaCare Health System signed a letter of intent to acquire Crozer Health Medical Group from Prospect Medical Holdings, saying the move is intended to increase access to care and health equity. With the agreement, ChristianaCare will gain ownership of Crozer Health hospitals' related businesses, real estate assets, ambulatory centers, medical office buildings, physician clinics and ancillary outpatient services, the not-for-profit regional health system said Friday. (Devereaux, 2/11)
Modern Healthcare:
Catholic Medical Center Agrees To Resolve Kickback Allegations By Paying $3.8M
Catholic Medical Center will pay $3.8 million to settle allegations that it violated the civil False Claims Act by providing free call coverage services to an off-duty cardiologist as a way to generate more patient referrals. Catholic Medical Center paid its own cardiologists to cover another cardiologist's patients while she was away on vacation or otherwise unavailable in exchange for referrals to its New Hampshire-based center for additional care, the U.S. asserted in the settlement agreement. (Devereaux, 2/11)
Indianapolis Star:
Indianapolis Home Care Company To Pay $432K Over Labor Violations
A federal court ordered the owner of two Indianapolis home health-care companies to pay $432,000 in back wages and damages to 171 workers who worked more than 40 hours a week but never received overtime pay. Timothy Paul, the owner of Heal at Home LLC and TPS Caregiving LLC — also known as Comfort Keepers — was targeted by the U.S. Department of Labor with a lawsuit in August 2021 for violating the Fair Labor Standards Act numerous times between April 2018 and April 2020. Heal at Home provides in-home pediatric and senior care, while Comfort Keepers focuses on home care and specialized care for seniors. (Magdaleno, 2/11)
Stat:
What We Know — And Still Don't Know — About How Telehealth Affects Costs
Telehealth proponents expected the pandemic to net them a windfall of convincing evidence that virtual care could increase quality and cut spending. But two years after health systems went virtual almost overnight, industry watchers are still disputing a key aspect that could determine telehealth’s fate: whether the option for virtual visits means patients will see doctors more often than they would in-person. Whether telehealth is a substitute for — or an addition to — in-person care could clarify if it drives up costs for insurers and providers. Telehealth advocates have for years sought to prove to Congress that it’s a substitute, and that expanding Medicare coverage for virtual care wouldn’t significantly increase federal spending. (Ravindranath, 2/14)
KHN:
Journalists Discuss Cracks In The Health Care System And Roadblocks To Covid Booster Shots
KHN senior correspondent Sarah Jane Tribble discussed her reporting for the podcast “Where It Hurts” on the “Too Long Didn’t Listen” podcast Feb. 3. ... KHN senior correspondent and enterprise reporter Liz Szabo discussed the problems immunocompromised people face in accessing a fourth covid-19 vaccine shot on Newsy on Jan. 28. (2/12)
