A federal effort to increase oversight of hospice care has been put on hold by the Trump administration, resetting efforts to root out fraud and abuse in an industry that receives more than $25 billion from Medicare annually. Federal officials in recent years have ramped up efforts to identify instances in which hospice operators fraudulently bill the government or enroll patients who aren't terminally ill. But the new administration has halted a Biden-era plan for noncompliant hospices to take corrective action or risk being kicked out of Medicare.
A major hospital chain owner which operates specialty hospitals in the Midwest and South has filed for Chapter 11 bankruptcy. Landmark operates six facilities across Florida, Missouri and Georgia. The company filed for bankruptcy in Florida on March 9 with debts of between $50 million to $100 million.
Mass. General Brigham, the largest private employer in Massachusetts, is conducting a second round of layoffs as leaders work to address a huge budget deficit. The hospital group, which employs more than 82,000 people, is in the process of cutting hundreds of jobs as it works to address a $250 million budget shortfall.
UPMC reported a loss from operations of $339 million for 2024, 71% higher than the $198.3 million loss a year ago, as the hospital and health insurance giant continues to invest aggressively in capital projects. Last year's operating loss included $128 million in restructuring costs. Operating revenue for the most recent year was up 7.8% to $29.8 billion, which was offset by higher use of healthcare services by UPMC insured patients, rising pharmacy costs and falling enrollment in health insurance plans.
A Michigan for-profit company known for taking over financially distressed hospitals was named in a bankruptcy filing as a possible purchaser of Delaware County's Crozer Health. Insight was founded by neurosurgeon Jawad Shah in Flint, Mich., and has since expanded to Chicago, where in 2021 it acquired a hospital for $1 from Trinity Health. Last fall, the company was picked by landlord Medical Properties Trust to take over two Ohio hospitals from bankrupt Steward Health Care.
Reports suggesting that a sale to private-equity firm Sycamore Partners was still in play boosted the stock last week. On Monday, credit-information provider Octus said on the social media platform X that "Morgan Stanley, UBS, and private lenders are structuring a $10 billion package to back Sycamore Partners' potential buyout," suggesting further progress toward a deal.