Private hospital group operator Mediclinic reported a jump in full-year operating profit on Wednesday, with revenues above pre-pandemic levels as client activity increased, as it reinstated its dividend.
The healthcare industry has spent decades and billions of dollars designing experiences that empower and activate patients across their unique clinical journeys. The same cannot be said for the financial side of healthcare. The shift of the financial burden to the consumer and the lack of appropriate tools to help them manage their obligations has had predictable results. More than 50% of Americans have medical debt of at least $1,000 and more than two-thirds of consumers under 65 say they struggle to make these payments. This debt burden represents an existential threat to hospitals already operating on thin margins, thanks in part to the pandemic.
A preliminary report by the Center for Health Information and Analysis on fiscal 2021, released Thursday, finds that overall hospital profitability in Massachusetts was 6& – meaning hospitals' revenue was 6 percent higher than their expenses – an increase of 2.9 percentage points over last year.
Dawnett Willis, FCMC Chief Executive Officer, said Craig Carstens will oversee the financial activities of the growing hospital and clinics.
“We are thrilled to welcome Craig to FCMC. He will play an integral part in the leadership and financial management of our organization,” says Willis.
Carstens has been Chief Financial Officer at Osceola Regional Health Center in Sibley since May of 2018 and previously worked at Mercy Medical Center in Sioux City as Director of Financial Operations.
The only hospital and healthcare system in Central Oregon has incurred $21.8 million in operating losses so far this year and owes money to the federal government; to try and make ends meet, they'll lay off 105 people