Orlando Health was set to become the new owner this week of Sebastian River Medical Center and some local medical practices owned by Steward Health Care, and Steward's financial shenanigans should soon be just a bad memory for local patients, doctors and hospital employees. The transfer of ownership was scheduled to take place today, Thursday, October 24th.
Marshfield Clinic Health System has signed an affiliation agreement with Sanford Health, agreeing to combine their assets and capabilities to create an integrated health system. Bill Gassen, president and CEO of Sanford Health, says the affiliation agreement is a significant milestone, signifying the organizations are one step closer to combining. Marshfield Clinic Health System Interim CEO Dr. Brian Hoerneman said Marshfield Clinic Health System found a partner that closely aligns with its culture, mission and values in Sanford Health, and the health system looks forward to working together as the "premier rural health system in the United States."
The CEO of Baystate Health is addressing the ongoing healthcare crisis and its impact on the area's largest healthcare system. Baystate Health President and CEO Peter Banko says "We are in the midst of one of the most challenging environments that our organization and the healthcare industry have ever faced." Banko went on to say that Baystate Health has experienced more than $300 million in operating costs over the past few years and that expense growth continues to outpace their revenue growth. He acknowledges room for improvement, noting that Baystate's patient experience is below national and regional averages.
As CVS Health's new CEO David Joyner steps into the top job after Karen Lynch's quick departure on Friday, Wall Street analysts and some investors are questioning whether he has the right experience to turn around the Aetna health insurance business as it struggles with high medical costs. Joyner, who headed the company's Caremark PBM business since 2023, took over on Friday after being named to the job by the board of directors on Wednesday. In addition to Aetna and the PBM business, CVS has a large namesake retail pharmacy chain.
Baystate Health needs to cut expenses and boost revenues by a combined $225 million over the next two years to regain its own financial health. And that’ll mean job cuts. "There is now way we could do a $225 million improvement plan without addressing the workforce," Peter D. Banko, the new CEO of Baystate Health, says. "We will impact people and their jobs over the course of the next year or so." Banko said it is too early in the restructuring to say how many jobs will be cut, or where in Baystate's 13,500-person work force layoffs will land. He is not planning to close facilities or discontinue medical services. He said he's not interested in selling any hospitals in the system."
Rhode Island's largest hospital system, Lifespan, was officially renamed Brown University Health this week. The change comes as part of expanded affiliation agreements and a multi-million dollar annual investment from Brown. The system employs more than 17,000 workers and operates more than 1,620 patient care offices. The planned name change was first announced in June. The University and Brown Health have emphasized that the two organizations will remain independent. 'The name change reflects a deeper alignment between Brown University Health's clinical care and Brown University's academic and research focus,' a university spokesman says.