With the pandemic thrusting healthcare technology companies into the forefront over the past year, one of venture capital’s largest firms is launching a large fund to invest even more in innovation in the red-hot sector.
Last May, Baylor Scott & White Health, the largest nonprofit hospital system in Texas, laid off 1,200 employees and furloughed others as it braced for the then-novel coronavirus to spread. The cancellation of lucrative elective procedures as the hospital pivoted to treat a new and less profitable infectious disease presaged financial distress, if not ruin. The federal government rushed $454 million in relief funds to help shore up its operations.
Doctors Hospital of Manteca has appointed Gregg Garrison as its new Chief Financial Officer (CFO), effective March 12, 2021. “Gregg brings a high level of expertise to support our financial and growth strategies as we expand to meet the needs of our growing community,” said Murali Naidu, M.D., CEO of Doctors Hospital of Manteca. “He has many years of experience in understanding the various services we provide from a financial perspective and we are thrilled to have him on our team.”
Walgreens Boots Alliance raised its 2021 profit forecast after posting an 8.4% rise in quarterly profit, boosted by higher sales at its U.S. retail pharmacies. Pharmacy chains such as Walgreens and CVS Health are expecting to benefit from distribution of Covid-19 vaccines and tests.
As the U.S. shifts from fee-for-service to value-based payment for health care, it is becoming increasingly important for providers to learn how to succeed with bundled payments. Bundled payments make providers more financially accountable than they are with the fee-for-service system for the total cost of a patient’s treatment and recovery, and they can be used for acute, chronic, or primary care. Today bundled payments are most commonly used to cost-effectively manage a patient’s care in the hospital and over the following 90 days post-discharge.
Imagine hiring a mechanic to fix your car but you have to pay before you even know what’s wrong with it or whether you actually need the part. You’d probably want an explanation of what needs to be replaced and how much it will cost before having to pay. Not many industries are able to force consumers to pay first and explain later. However, that’s exactly what a new legislative proposal will make us all do. Hospital lobbyists are asking New York’s lawmakers to approve a policy in the state budget that would require that hospital claims be paid before hospitals submit information demonstrating that care was medically necessary.