Moody’s Dings Health Insurance Sector With ‘Negative’ Outlook
The ratings agency expects Medicare Advantage, Medicaid, and commercial insurers to continue to see high medical costs this year. More industry news is about Baystate Health, Tricare East, and others.
Modern Healthcare:
Moody’s Downgrades Insurance Credit Outlook
Moody’s Ratings downgraded its assessment of the health insurance sector from "stable" to "negative" on Friday. High medical costs and utilization are expected to continue challenging Medicare Advantage, Medicaid and commercial insurance carriers this year, Moody’s Ratings projects. A report published Friday cites inflation, pharmaceutical spending and higher mental health utilization as headwinds. (Berryman, 2/4)
In other health industry news —
Modern Healthcare:
Baystate Health Layoffs Impact Nearly 100 Leadership Positions
Baystate Health has eliminated 98 corporate positions, or less than 1% of its workforce, as part of a larger cost-cutting initiative, the system said Tuesday. The Springfield, Massachusetts-based system also eliminated 134 leadership roles in November as part of an overall six-year, $1.2 billion investment plan. In both rounds of job cuts, some of the affected positions were vacant. (DeSilva, 2/4)
Military.Com:
Mental Health Providers In Tricare East Go Unpaid After Claims Processor Switch
Some health providers across the Tricare East Region have gone unpaid since the beginning of the year, leading them to wonder whether they can continue to treat military members or their families. Mental health counselors, physical therapists, autism specialists and others say they haven't been paid since Dec. 31, when Humana Military, the contractor for Tricare East, switched claims processing companies. (Kime, 2/4)
The Baltimore Sun:
Legionella Found In Baltimore County Hospital
Testing results show elevated levels of Legionella bacteria at a Catonsville psychiatric hospital, a spokesman for the Maryland Department of Health confirmed Tuesday. Some of the hospital’s showers are shut down pending treatment for the bacteria. (Bazos, 2/4)
Modern Healthcare:
How Sutter Health, Advocate Health Fund Ambulatory Care Projects
New ambulatory facilities are a hot ticket among hospitals and health systems of all sizes, and providers are tapping into a variety of sources to foot the bill. Providers have for years sought to meet patient demand for lower-cost ambulatory services, and the need for facilities to house those services has only grown with an aging population. To stay relevant, providers need to funnel their capital toward ambulatory care. (Hudson, 2/4)
Also —
Stat:
International Monitor Allows Monkey Shipments From Cambodia To Continue
In a boost for one of the largest clinical research organizations in the U.S., the officials who oversee an international treaty governing endangered species voted to defer a recommendation to suspend shipments of long-tailed macaques — which are regularly used in medical research — from Cambodia. (Silverman, 2/4)
