The first years of the pandemic were undeniably difficult for Michigan hospitals, short on supplies and treatments and filled with COVID-19 patients. For some, they were also profitable.
MLive examined tax records and audited financial statements, along with federal data compiled by a nonprofit, and found some hospitals and health systems posted increases in both operating profits and overall net assets as the crisis raged.
WVU Medicine Wheeling Hospital received a nearly $85,000 windfall Tuesday that officials hadn’t realized was due them.
West Virginia Treasurer Riley Moore came to Wheeling to personally deliver a check for $84,953 to the hospital from the state’s unclaimed property fund. He explained funds that are determined to be “dormant” — such as unclaimed checks, inheritances or insurance settlements — find their way to his office and the unclaimed property fund.
The money to Wheeling Hospital was largely from an insurance settlement and uncashed vendor reimbursement checks, Moore said.
More than 40,000 people in Muskegon County are free of a combined $25 million in medical debt thanks to a national nonprofit partnering with a local health agency.
Regulators voted Wednesday not to change their expectations for the revenue side of the states’ hospital budgets for fiscal year 2024, despite sustained and ongoing cost increases that led to big reported operating losses in 2022.
Cambridge Health Alliance is laying off 69 people, reducing the hours of another 15 employees, and eliminating 170 open positions due to post-pandemic financial pressures.