As the third year of the COVID-19 pandemic drags on, many hospitals find themselves in a financial bind that could threaten progress made on health equity initiatives as budgets get stretched thinner. Federal emergency funding to address the COVID-19 pandemic is dwindling. At the same time, inflation is driving up the costs of supplies and medications, and an industrywide labor shortage has increased salary costs. Additionally, all these rising healthcare costs are resulting in more unpaid medical bills, which affect hospitals' bottom lines.
One of the nation's largest non-profit hospital chains was responsible for an aggressive scheme to hassle and harass financially destitute patients for money, even when they were legally not required to pay. According to a shocking new report from the New York Times, Providence Health & Services began their plan in 2018 and continued it throughout the COVID-19 pandemic.
Mass General Brigham has said it will reduce its total medical spending by $127.8 million annually, nearly doubling its commitment to reduce its spending after months of discussions with a state watchdog agency.
Connecticut's healthcare industry is becoming increasingly concentrated. In return, some small private practices in the state are finding it difficult to compete with big healthcare systems. Instead of struggling to stay afloat, many are joining them.
Beth Israel Deaconess Medical Center, Boston, has agreed to settle a lawsuit by current and former employees who alleged ERISA violations in two retirement plans, according to a preliminary settlement document filed Sept. 15 in a U.S. District Court in Boston.