A decade ago, a buyout giant took over a group of Catholic medical centers and made some clever financial moves. The pandemic highlights the strategy’s success—and its cost.
The nation’s leading health insurers are experiencing an embarrassment of profits. Some of the largest companies, including Anthem, Humana and UnitedHealth Group, are reporting second-quarter earnings that are double what they were a year ago.
Kelley M. Tiernan, Claxton-Hepburn Medical Center’s chief financial officer since 2011, has been replaced by an interim CFO, according to the hospital’s President and Chief Executive Officer Richard A. Duvall. The hiring of an interim CFO is part of a restructuring that began earlier this year, Mr. Duvall said.
The Martha’s Vineyard Hospital announced Tuesday that it had cut 11 administrative staff positions in an effort to save costs due to financial challenges presented by the pandemic. In a statement, president and chief executive officer Denise Schepici said the cuts were effective immediately, and that none of the positions are related to direct patient care.
Mark Mumford, chief financial officer of Cincinnati Children’s Hospital since 2013, has been hired as the CEO of the Delaware Valley Operations of Nemours Children’s Health System in Wilmington, Del. A national search for his successor to oversee the $2.6 billion hospital system will begin immediately.
Maybe, just maybe, one or more COVID-19 vaccines could be on the way. Five novel coronavirus vaccines are currently in late-stage testing. If all goes well, Americans could possibly have access to a COVID-19 vaccine that's safe and effective in the first half of next year. As you might expect, it costs a lot of money to develop vaccines. Should you brace for a steep price tag for a COVID-19 vaccine? Actually, no. You might be surprised by how much you'll have to pay for a coronavirus vaccine.