Mass. General Brigham, the largest private employer in Massachusetts, is conducting a second round of layoffs as leaders work to address a huge budget deficit. The hospital group, which employs more than 82,000 people, is in the process of cutting hundreds of jobs as it works to address a $250 million budget shortfall.
UPMC reported a loss from operations of $339 million for 2024, 71% higher than the $198.3 million loss a year ago, as the hospital and health insurance giant continues to invest aggressively in capital projects. Last year's operating loss included $128 million in restructuring costs. Operating revenue for the most recent year was up 7.8% to $29.8 billion, which was offset by higher use of healthcare services by UPMC insured patients, rising pharmacy costs and falling enrollment in health insurance plans.
A Michigan for-profit company known for taking over financially distressed hospitals was named in a bankruptcy filing as a possible purchaser of Delaware County's Crozer Health. Insight was founded by neurosurgeon Jawad Shah in Flint, Mich., and has since expanded to Chicago, where in 2021 it acquired a hospital for $1 from Trinity Health. Last fall, the company was picked by landlord Medical Properties Trust to take over two Ohio hospitals from bankrupt Steward Health Care.
Reports suggesting that a sale to private-equity firm Sycamore Partners was still in play boosted the stock last week. On Monday, credit-information provider Octus said on the social media platform X that "Morgan Stanley, UBS, and private lenders are structuring a $10 billion package to back Sycamore Partners' potential buyout," suggesting further progress toward a deal.
Atrium Health received a $45 million sales tax refund from North Carolina in 2023 and 2024, hitting a statutory limit allowed by the state for nonprofits, tax records reviewed by The Charlotte Ledger/NC Health News show. And that may not even be the full amount. Thanks to a legal loophole, the hospital system's total refund is likely even higher.
UnitedHealthcare is offering certain employees in its benefits operations unit the option to accept buyouts if they quit by March 3, following a tumultuous year for the insurance giant, CNBC has learned. Those who don’t accept the offer will continue in either their current role or a comparable position, two people familiar with the matter told CNBC. If the company does not meet a resignation quota through buyouts, it will lay off employees, the people said, citing an internal resource site.