Industry News

healthcare finances
Tough Year for Cleveland Clinic Finances in 2016

Crain’s Cleveland Business is reporting that Cleveland Clinic Health System showed a nearly 50 percent drop in operating income in 2016. In 2016, the Clinic posted $243 million in operating income (a 49.5 percent decrease from 2015) on eight billion dollars in operating revenue. Overall system revenues were up about…

healthcare finances
Two Big Shareholders Unload CHS Stock

Modern Healthcare reports that North Tide Capital and Camber Capital Management, two of the largest shareholders in Community Health Systems (CHS), have sold their entire stakes in the troubled hospital company. Meanwhile, Chinese billionaire Tianqiao Chen and his Shanda investment company remains CHS’ largest shareholder with a 13.8 percent stake…

labor-issues
NYC Health and Hospitals System Axes 70 Workers without Warning

According to the New York Post, NYC Health and Hospitals System just laid off 70 workers despite a restructuring report issued in April 2016 that promised no layoffs. At that time, plans called for reducing the workforce through attrition and “partnering with labor to retrain workers.” The restructuring plan included…

healthcare merger and acquisitions
Penn Medicine to Merge with Princeton HealthCare System

The Daily Pennsylvanian is reporting that Penn Medicine will expand to serve more of New Jersey thanks to a merge with Princeton HealthCare System (PHCS). The Executive Committee of Penn’s Board of Trustees approved the partnership with PHCS in mid-December 2016, in an agreement that satisfies both school’s medical centers.

healthcare executives on the move
LifePoint Health Announces Four Senior Leadership Appointments

LifePoint Health® a leading healthcare company dedicated to Making Communities Healthier®, has appointed several leaders to new roles within the company. Effective January 1, 2017, the following individuals have transitioned to new roles: Melissa Waddey, former senior vice president, operations strategy and integration, has been promoted to president, ambulatory and…

healthcare finances
CHI Dogged by Financial Issues, Layoffs Likely

The Bismarck Tribune reports CHI St. Alexius Health will be part of Catholic Health Initiatives’ (CHI) workforce restructuring to improve financial performance of the parent healthcare system. Salaries and benefits are 50 percent of CHI’s operating cost and the company showed a $460 million operating loss in FY 2016. CHI…

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