Michael “Sean” Thomson has joined Fauquier Health as its new chief financial officer. Mr. Thomson succeeds Lionel Phillips, who retired after decades in the position. The new CFO has more than 20 years of experience. Mr. Thomson most recently held the same position at Methodist Southlake Hospital in Texas, where he focused on financial improvement and strategic growth. He previously worked at Hospital Corporation of America in Nashville and as CFO at Medical City of Fort Worth in Texas.
Oscar Health Inc., the health insurance startup co-founded by Josh Kushner, fell 11% its trading debut after raising $1.4 billion in its upsized, above-target initial public offering. The company’s shares, which sold for $39 in the IPO, opened their first day of trading Wednesday at $36 and closed it at $34.80, giving the company a market value of about $7 billion. Oscar Health and a selling shareholder sold 37 million shares on Tuesday. It had marketed 31 million shares for $36 to $38 a share, a range that it had elevated from $32 to $34.
Centene Chief Executive Michael Neidorff saw his compensation drop slightly last year to $24.96 million, partly because the company capped bonuses in response to the coronavirus pandemic. Neidorff, the highest-paid CEO in St. Louis for the last six years, had earned $26.4 million in 2019, including $7.1 million in cash bonuses.
Beaumont Health CFO John Kerndl, the architect of aggressive cost-cutting that bolstered the profits of Michigan’s biggest hospital network at the expense of its once world-class reputation, has resigned. He’s relocating to Boston to join Beth Israel Lahey Health System, a highly regarded hospital network.
A family-owned Roanoke business has to pay $2.1 million after fraudulently charging Medicare and Virginia Medicaid for medicine. Back in June 2020, Allergy and Asthma Associates (AAA) pleaded guilty for billing Medicare and Virginia Medicaid $627,540 for prescriptions medicine they did not purchase.
The Trump administration quietly took around $10 billion from a fund meant to help hospitals and health care providers affected by Covid-19 and used the money to bankroll Operation Warp Speed contracts, four former Trump administration officials told STAT.