The announcement marks the culmination of years-long discussions regarding potential mergers, partnerships, and collaboration opportunities.
Care New England (CNE) and Lifespan signed a definitive agreement to merge, the two Rhode Island-based health systems announced Tuesday morning.
The two provider organizations voted to move forward with merger talks by signing a letter of intent in September.
As part of the agreement, CNE, Lifespan, and Brown University will form an integrated academic health system. Brown has committed $125 million over five years and has included its Warren Alpert Medical School as part of the deal.
"Brown is excited to invest $125 million over five years to bring together the medical expertise and capacity needed to create exactly the kind of integrated academic health system that has provided such dramatic success in healthcare, medical education and biomedical innovation for other regions across the country," Samuel Mencoff, chancellor of the Corporation of Brown University, said in a statement.
Merger talks first began in early 2018, as CNE, Lifespan, and Mass General Brigham, (then-Partners HealthCare), engaged in discussions.
By October 2018, Lifespan had pulled out of discussions but Rhode Island Gov. Gina Raimondo ordered a new round of merger talks between CNE and Lifespan in June 2019.
One month later, CNE called off merger talks due to several organizational factors, though Raimondo stated in August 2019 that she believed the deal failed due to disagreements about who would serve as CEO of the merged organization.
In June 2020, as both systems collaborated on providing care during the COVID-19 pandemic, merger talks resumed.
"What I am most excited about is the ability of our new, locally based, academic health system to compete at a national level, innovate, attract top talent, develop new scientific knowledge, improve the care we deliver and serve as an economic engine for Providence and the state," Timothy J. Babineau, M.D., CEO of Lifespan, said in a statement. "This is an exciting moment-in-time, we cannot let it slip through our grasp yet again.”
According to www.HealthierRI.com, a website established to outline the merger's objectives, CNE and Lifespan have pledged an additional $10 million in community care funding as part of the deal.
"The positive reaction that we’ve seen, really across the board, to the creation of this new system has been outstanding," James E. Fanale, M.D., CEO of CNE, said in a statement. "Our partners across the region, especially our internal colleagues and physicians, really support this because it’s a very exciting proposition. Creating something new and visionary, but with concrete goals and true work plans, sets the integrated AHS up to achieve high quality care with local access for the people that we serve. It is something to be proud of."
The transaction requires state and federal regulatory approvals, which the three organizations anticipate will take several months.
Healthcare executives should ignore the political theater commonly associated with confirmation proceedings and instead focus on Becerra's forward-looking health policy statements.
After a lengthy delay, Xavier Becerra, the Attorney General of California and President Joe Biden's nominee for Secretary of Health and Human Services (HHS), had his first Senate confirmation hearing Tuesday morning.
Ahead of the confirmation hearing, the Association for Community Affiliated Plans (ACAP) wrote an open letter to leaders on both the HELP and Finance Committees in support of Becerra's nomination.
"We encourage a swift confirmation of Mr. Becerra, so that he can quickly get to work addressing the multitude of health care issues that have befallen the American public—from the COVID-19 pandemic, to all-too-frequent churn within the Medicaid program, to the loosening of ACA rules that protect consumers from inadequate, junk insurance plans," the letter read. "Throughout his career Mr. Becerra has been a stalwart supporter of policies to improve the lives of lower-income and vulnerable populations; we look forward to working with him and Congress to further improve the lives of Americans nationwide."
Below are five key takeaways from his more than two-and-a-half-hour testimony:
ACA and coverage solutions in the crosshairs
The future of the Affordable Care Act (ACA) and how the Biden administration will seek to bolster the landmark healthcare law was top of mind during the questioning of Becerra during the hearing.
As California Attorney General, Becerra led a coalition of more than 20 states in defending the ACA in California v. Texas, an ongoing case that could decide the fate of the legislation.
Responding to a question from Sen. Tammy Baldwin, D-Wisc., Becerra committed to defending the ACA and supporting policies that will build upon the legislation to expand coverage for vulnerable Americans.
Becerra pointed to the Biden administration's three-month ACA special enrollment period as one approach to expanding coverage and also mentioned the importance of addressing the 'coverage cliff' faced by middle-class Americans.
Sen. Mitt Romney, R-Utah, asked how Becerra could expand Medicare when the program is facing solvency challenges within the next decade, to which Becerra stated that the Biden administration would aim to implement a public option and support it through the general fund rather than the trust fund.
GOP skepticism and policy pushback
Ahead of Tuesday's hearing, Senate Minority Leader Mitch McConnell, R-Ky., issued a statement opposing Becerra's nomination.
"Mr. Becerra has no particular experience or expertise in health," McConnell said. "His chief passion project in California seemed to be using the force of government to attack Americans’ religious liberty and freedom of conscience."
Several Republican senators on the HELP Committee also expressed skepticism with Becerra's healthcare record and previous experience as a congressman and California Attorney General.
Ranking Member Sen. Richard Burr, R-N.C., said that the need for "extensive healthcare experience" at HHS is "never more important than today," raising questions about the lack of medical experience in Becerra's background.
In his opening statement, Burr said he had concerns about Becerra's qualifications for the position and respect for the private sector's role in healthcare, noting that he's "not sold."
Sen. Bill Cassidy, R-La., probed about how Becerra would approach the much-maligned 340B Drug Pricing Program and asked if there needs to be a statutory definition for contract pharmacy and patient. Sen. Jerry Moran, R-Kan., pressed for a follow-up, to which Becerra promised to build on the Trump administration's reforms to the program while also protecting patients.
Braun pressed Becerra on his plans for increased healthcare transparency, to which Becerra committed to "robust enforcement" of price transparency for consumers.
COVID-19 response and public health plans
Following the Biden administration's approach to the pandemic, Becerra said that "science must come first" and committed to more consistency and transparency in the federal response to COVID-19.
In response to a question from Sen. Susan Collins, R-Maine, Becerra said that he would support including funding for long-term care facilities through the Provider Relief Fund in a pending $1.9 trillion COVID-19 stimulus package.
Sen. Bob Casey, D-Penn., asked Becerra about his thoughts on the social determinants of health (SDOH) and how health disparities have been exposed by the pandemic.
Becerra said he was encouraged by the bipartisan acknowledgment of SDOH and recognizing the impact on patients. He added later that his team at HHS will "live and breathe" health equity.
Becerra stated that the decision to extend or end the public health emergency related to the COVID-19 pandemic would be driven by data and involve the insights of healthcare stakeholders.
Committed to rural health support, focused on provider consolidation
Sen. Lisa Murkowski, R-Alaska, questioned how Becerra would address rural health issues, to which he said it's important to meet the "unique needs" of rural populations, specifically referencing the need for bolstering broadband capabilities and continuing to support the expansion of telehealth and virtual care services.
When asked by Sen. Chris Stewart, D-Conn., about how the federal marketplace can have a functional marketplace between providers and payers, Becerra referenced the $575 million settlement he secured from Sutter Health over allegations that the provider organization violated state antitrust laws by wielding its massive market power in Northern California to drive up prices.
"If consumers knew what they were paying, they'd push to have the price go down," Becerra said. "That's why our effort was supported up and down the state of California when we went after [Sutter,] because people had an instinctive feeling that the prices they were paying were way too high."
Becerra said it's important to "go behind the curtain" to see how large healthcare companies are operating.
In response to a question about implementing surprise medical billing legislation from Sen. Maggie Hassan, D-N.H., Becerra said that the Biden administration will review the arbitration provision and enact consumer protections.
Sen. Roger Marshall, R-Kan., an OB-GYN by training and former chairman of the board of Great Bend Regional Hospital, asked Becerra for his thoughts on value-based care and Stark Law.
"If we truly [value-based care] the right way, we'll reduce the number of visits, the number of incidents, and provide quality of care instead of quantity of care," Becerra said.
Will prescription drug pricing remain a priority?
Lowering prescription drug pricing was a cornerstone of the Trump administration's healthcare agenda and while there was bipartisan support for some initiatives, the Biden administration's approach to this issue remains unclear.
In response to a question about prescription drug prices from Sen. Bernie Sanders, I-VT, Becerra did not lay out specifics about lowering costs for consumers but did commit to supporting federally qualified health centers and expanding the National Health Service Corps.
Sen. Tommy Tuberville, R-Ala., asked how HHS can reduce the price of insulin, to which Becerra said drugmakers must be properly compensated but noted that consumers must come first.
In a follow-up question, Tuberville asked about pharmacy benefit managers (PBM), to which Becerra said these companies have a role but "can't be middlemen" or gouging prices, which echoed the rhetoric of former HHS Secretary Alex Azar.
Sen. Braun noted in his questioning that while Becerra's nomination is supported by the American Hospital Association, American Medical Association, and America's Health Insurance Plans, PhRMA has not, and "I think we know why."
Contentious confirmation
As was clear from Tuesday's confirmation hearing, Becerra's nomination has stirred a bitterly partisan divide.
Former HHS Secretaries Donna Shalala and Kathleen Sebelius, who served under Presidents Clinton and Obama, respectively, have supported Becerra's nomination while also criticizing the delay in holding his confirmation hearings.
Norris Cochran, HHS Deputy Assistant Secretary of Budget, has served as acting HHS Secretary while Becerra has awaited his confirmation hearings.
Meanwhile, Heritage Action for America and Susan B. Anthony List, two conservative advocacy groups, launched advertising campaigns against Becerra's nomination late last week.
Additionally, Sen. Tom Cotton, R-Ark., penned an op-ed for Fox News in late January about why the Senate should reject Becerra as a "culture warrior."
Focus on issues, not theatrics
Heather Meade, a principal at Washington Council Ernst & Young, told HealthLeaders prior to the hearing that healthcare executives should ignore the political theater commonly associated with confirmation proceedings and instead focus on Becerra's forward-looking health policy statements.
"As a healthcare leader, I will be listening for questions that are focused not so much on what he supported in the past, but in any messaging that he expresses about where he wants to focus as [HHS] Secretary," Meade said. "I think that's much more helpful and telling; will he take his expertise on the ACA and focus on rolling back some of the prior administration's efforts to constrain the ACA? Is he going to focus his time on drug pricing, or will we see him focus on market consolidation? These are all issues that he's focused on in the past and I think listening for what he tells us about where he wants to spend his time and how he'll be supporting the agenda of President Biden is probably more useful than focusing on some of the more political issues."
Meade added that as a presidential candidate, Biden included hospital consolidation on his list of campaign priorities going into the general election and was a topic that Vice President Kamala Harris pursued when she served as a senator.
"All of those [approaches to hospital consolidation] were done through the judiciary; [Becerra] was using his role as attorney general to pursue legal actions in the context of hospital consolidation," she said. "The FTC has a lot of authority from the federal level but [Becerra] won't have oversight of those particular levers of the government, so we may see him think about market power consolidation through other tools that he has at HHS."
Eden Health's CEO discussed the company's latest funding round and the prospects for concierge care as the healthcare industry emerges from the worst of the pandemic.
Eden Health, the New York-based concierge primary care provider, announced Thursday it raised $60 million in its Series C funding round.
Eden, which was founded as a healthcare startup in 2017, has secured $100 million in total funding overall, according to a company press release.
Additionally, Eden stated that its annual recurring revenue increased 800% since the start of 2020, due in large part to the effects of the ongoing COVID-19 pandemic, and now covers 40,000 sponsored members.
In an interview with HealthLeaders, Matt McCambridge, CEO of Eden, discussed the company's latest funding round and the prospects for concierge care as the healthcare industry emerges from the worst of the pandemic.
This transcript has been edited for clarity and brevity.
HealthLeaders: Can you walk me through the latest funding round and how it will aid in future growth plans for the company?
McCambridge: Our mission is to create a world where every person has a relationship with a trusted healthcare provider. This financing is going to help us continue to move closer to doing that. So, we always go back to this concept of a trusted clinical relationship, which is the foundation of any good system of clinical care. What we do is provide an advanced medical model that includes primary care, mental health, physical therapy navigation and that's delivered virtually. The key difference for us from other groups in the market is [the patient] gets the same provider and clinical team every single time so [they] can build those clinical relationships in the longitudinal.
The second piece is we provide in-person care, which we do in two ways. The first is where we have mobile providers who will go to the worksite of employers, or even go to the home, and then we also have the physical clinic infrastructure that we own and operate in multiple cities and we're growing that a lot.
When we think about what is next as part of this investment, it's about scaling a few things. One, scaling to more members and opening new geographies. Virtually, we're already in all 50 states, but from physical care standpoint, we're in New York, New Jersey. Chicago, and we're looking at Boston, Washington, D.C., Los Angeles, Houston, and several other cities. We're growing out that footprint as well, making sure that everybody who is looking for it can get access.
The second piece is we're also scaling out our connectivity to additional specialties, we already do behavioral health and physical therapy, and then things like connected devices. Finally, we're going to continue to invest in our providers; all of our providers are full-time, and we think we have the best providers anywhere, so we want to keep making sure they can be successful.
HL: Eden has been so active and successful in the virtual care space, why are there plans to expand the company's brick-and-mortar footprint across the country?
McCambridge: We've had a brick-and-mortar [footprint] since we were founded. For our first product, we simultaneously launched our virtual care solution and our first brick-and-mortar location. The way I look at it is there are three themes that were accelerated by the pandemic.
The first is this actual virtual primary care model where you have a credible, real, accountable clinical relationship virtually, which is different from the kind of telehealth that we've had. The second is navigation; dealing with all the complexity of the healthcare system because healthcare has only gotten more complicated dealing with specialty care, etc. Then the third piece is an integration of virtual and physical. I think that the best version of healthcare is when you have both available.
The reason I said the pandemic has accelerated that is that there are certain things that [patients] simply can't get virtually. Testing is an easy example, everyone's looking for testing. Also, screenings, certain types of screenings need to draw blood. From our viewpoint, we see that virtual primary care is an incredible tool but long-term, the integration of virtual and physical is the absolute best version of healthcare that you can offer.
HL: How has the pandemic affected Eden's bottom line and what effect has it had on concierge care in general?
McCambridge: There are three themes that we have been investing in: longitudinal virtual clinical relationships, navigation, and integration of care. We saw that as the three things got dramatically accelerated by the pandemic, we just happened to be in a good position as [a company] that was providing those working with employers and frankly, able to manage all the needs that an employer might have with regard to keeping their central employees at the worksite. We were situated in a good place and so for us, I don't see those things going away. I think that there's been a big, fundamental shift in terms of appetite for virtual care, but that was already moving, in terms of navigation being critical.
Relative to the market, I think you see a lot of people just turning into the way that we were already investing in. Whether it's large group announcing virtual primary care products or newer companies who are emerging around the way here. I think it's a huge net benefit to companies starting off, and frankly, there are so many people who need access to higher quality healthcare services that I hope that we don't near an end to this wave of people trying to access this space and provide care in new ways.
HL: Who do you consider Eden's most significant competitors and what are some of the biggest obstacles facing the company in 2021?
McCambridge: It's interesting, I feel like in the healthcare delivery system we kind of do each other a bit of a disservice with the competitiveness, in some ways. Ultimately, one organization can't completely serve a patient alone. Whether it's simply a pharmacy and a hospital system, or for us, our patients travel through the healthcare system outside of our doors, we just happen to help him along the way. I think that [healthcare] is so interconnected and interdependent that we need to find more ways to collaborate. I love where we've been able to partner with healthcare systems to work with them on downstream care that makes that care better for the patient and better for the specialist, by the way, because the specialist is getting individuals who are definitely going to need their service. It's just a better holistic model.
I would like us, as a system, to be able to collaborate better because just the fact of the matter is that if somebody has two conditions, the way it's set up today, [the patient] is seeing a bunch of different providers. There's a lot of ability to help people and support different startups. I don't know if that's a risk so much to the business for Eden, but I think it would be a huge benefit to patient care and to the rest of the system. In general, there could be more collaboration because patients utilize different services and that would be a better experience for everybody.
HL: Is there anything you'd like to say to our audience, which is primarily comprised of hospital and health system leaders?
McCambridge: I would say that there are things that we might be uniquely good at Eden: getting engagement from patients, the patient experience that they're going to have in terms of the services that we provide, and the coordination of care when they get outside of the doors. There are things that we from the early days that we built around people processes instead of models. There are things that we never planned to get into at this time. The systems that we would work with are so good at surgery, as an example, or anything downstream from what we're providing.
I just think that if you want to compete in the system, think about that full patient experience where groups like Eden could partner with you to provide the things that we're uniquely good at, knowing that one of our core competencies is that coordination and integration with the rest of the system. We thought about that not as 'We're going to go disrupt everything,' we thought about it as, 'How do we become an important player that is providing something different that patients, employers, and maybe some payers are looking for?' I think that can work with other healthcare institutions that are looking to provide different types of experience for their patients and even physicians.
The path forward to a more financially sustainable operation and prosperous future remains tenuous for most medical groups but there are opportunities for leaders who are willing to make the necessary changes.
While hospitals and health systems suffered historic financial challenges related to the COVID-19 pandemic in 2020, medical groups and physician practices were not spared either.
These smaller provider organizations endured similar constraints due to declining revenues and rising expenses, a trend that hasn't ceased thus far in 2021.
The path forward to a more financially sustainable operation and prosperous future remains tenuous for most medical groups but there are opportunities for leaders who are willing to make the necessary changes.
Akash Madiah, CFO of MGMA, outlines the long-term strategies that medical group executives should follow to be more resilient and less vulnerable if another pandemic or industry-changing calamity occurs.
This transcript has been edited for clarity and brevity.
HealthLeaders: What is your advice for financial executives at provider organizations as they continue to deal with the difficult dynamics caused by COVID-19? Are you optimistic or pessimistic about their prospects? Why or why not?
Madiah: First, I'd advise that everyone take advantage of the federal financial assistance programs, namely the [CARES Act] Provider Relief Fund, which has now been reopened, and the Paycheck Protection Program. Our government affairs team based in [Washington, D.C.] has done remarkable work advocating for [physician] practices and organizations to receive relief through the pandemic. MGMA members have been involved and active in the advocacy efforts. In one of our grassroots campaigns, we mobilized 2,000 medical practices to send over 7,000 letters to Congress in less than 48 hours and it helped secure sufficient funding for medical practices.
In the relief packages, there's over $175 billion allocated for healthcare providers, so there is available money out there. These programs were put in place to help medical practices and businesses stay afloat and overcome the downside impact of the pandemic. With respect to these programs, they're loans but there's an administrative aspect to these. I think with calendar year 2021, there's going to be a lot of backend work for the medical group community to make sure that the loans and grants are forgiven. That's the burden for the healthcare community at large, but overall, I'm pretty optimistic about where things are going.
The spring and summer of 2020 were the worst of times and the darkest period. We've had an uptick since as people feel more comfortable going back to doctor's offices. [With] people who skipped out on their annual checkups, those dollars aren't ever coming back, but that's where those relief programs were meant to help. There is a backlog of elective procedures; I think the trend is going up, and I feel that's going to continue through the rest of the year, especially with the vaccine rollout.
HL: What role should the federal or state governments play in assisting these care providers that are facing a dual-threat to their bottom line? Additionally, is there any action that the payer community should take to help their struggling counterparts on the provider side?
Madiah: As I mentioned, the money is out there, so it's up to providers to access that. I think the government has responded and everybody should be accessing the dollars based on their eligibility. But now going forward, I think the biggest thing government can do is ease the administrative burden to make sure that reconciliation and forgiveness of loans is easy for the medical groups.
Needless to say, medical groups are going to be busy enough this year, and focusing on patient care should be paramount and not bogged down by the administrative burden. I'll also add that our CEO Dr. Halee Fischer-Wright sent a letter to the Biden administration [earlier this month] asking that medical group practices are included in the vaccine distribution strategy given their role as community providers across the country.
The payers are a little trickier, they are under no obligation to help, but I would say any cooperation and long-term view can help since we're all in this together. [Payers] have a role in supporting the mechanisms that keep both patients and medical practices healthy in 2021, specifically making sure things that helped providers through the pandemic, like reimbursements for expanded telehealth services, continue. Then, like the government, any reduction to the administrative burden, such as relaxed prior authorization, can only help going forward.
HL: Are you fearful about the continued effort by private equity firms to acquire medical groups or physician practices? What impact do you think that behavior will have on the healthcare industry at large?
Madiah: When private equity enters an industry, there's a general sense that they will cut costs, slash-and-burn, and then sell it for a profit. I think that's probably the most pessimistic view of them. I'm not fearful of them; they're a player in all industries across America and they can cut costs in a good way and try to create synergies to make sure revenues are increasing. When it comes to healthcare, there's a fear [that private equity] is going to hurt the patient and decrease access to healthcare. The profit tone that comes along with private equity often takes away from the altruistic tone that we convey with our members at MGMA. That's the push and pull with private equity.
The big question is how will [private equity] generate the returns they're used to seeing while also improving the patient experience, which again means more access and better outcomes. If they're willing to invest in technology and processes that can help the industry, there can be an upside. But that comes at a time horizon that's a little bit longer than they're typically used to because while healthcare is continually changing, the speed of that change is not always conducive to what private equity is traditionally invested in. With our members there's general skepticism with what approach [private equity] is going to take; are they going to be investing for the long-haul or are they taking the short-term view and motivated by profits?
HL: What are the critical long-term strategies that medical group executives should follow to be more resilient and avoid being vulnerable if another pandemic or industry-changing calamity occurs?
Madiah: The biggest thing is always to be vigilant. On the expense side, make sure there's no extra waste in your practice and [don't] worry about cutting things when the money is tight. The other part of that is being on the offensive, to the extent you have the resources to do so. Invest in your organization to make it more efficient or profitable now rather than being reactive in an urgent situation in the future.
One example from the pandemic is telehealth. That was a huge lifeline to a lot of practices to make sure revenue was still streaming in, but many practices had not implemented telehealth prior to COVID-19 and they were being more reactive. We're trying to invest more in data now to make sure we're looking ahead and being prepared for the future.
[Referencing] the MGMA year-in-review report, a lot of practices are changing the way they measure their key metrics of success and looking at things on a more frequent basis rather than a monthly basis.
This doesn't just go for healthcare, but reassess space needs. Understand how successful you are as a remote organization and what you should be investing in going forward. That applies to a number of industries across America, but the bottom line is to be proactive, try to foresee what challenges you need to get ahead of, and make sure to invest in those areas to the extent that you can.
By the end of 2020, CHS had received just over $705 million in payments through the Public Health and Social Services Emergency Fund.
Community Health Systems, Inc. (CHS) experienced patient volume declines due to the COVID-19 pandemic which decreased net operating revenues in 2020, according to the company's latest earnings report released Wednesday afternoon.
For the full year, CHS reported net operating revenues of nearly $11.8 billion, a 10.8% year-over-year decrease. The company did see its net income attributable to common stockholders rise to $511 million from a $675 million loss in 2019.
The company's admissions fell 15.7% in 2020 and adjusted admissions dropped 19.4%, while admissions decreased 8% on a same-store basis.
CHS also recorded an adjusted EBITDA of $1.8 billion for the full year, up from the $1.6 billion adjusted EBITDA in 2019.
By the end of 2020, CHS had received just over $705 million in payments through the Public Health and Social Services Emergency Fund.
C-suite perspective:
"Throughout the COVID-19 pandemic, I have been incredibly proud of everyone across our entire organization," Tim L. Hingtgen, CEO of CHS, said in a statement. "Our caregivers and medical staffs have ensured that their communities have access to essential, high-quality health services. Our management teams have adapted to constantly changing dynamics and effectively executed our cost management efforts. As a result, we ended the year with strong financial results, momentum around our key strategic initiatives, and optimism about the future of our Company. We look forward to what lies ahead, as we believe we are well-positioned for growth and long-term success that will deliver value for all of our stakeholders."
On Tuesday, CHS' board of directors elected Kevin Hammon, who previously served as executive vice president and CFO, to serve as president and CFO of the company.
CHS continued its selloff of hospitals throughout 2020, finishing the year with 13 divestitures.
For the final quarter of 2020, CHS recorded net operating revenues of $3.1 billion, a net income of $311 million, and an adjusted EBITDA of $614 million.
The organization experienced a 12.9% decrease in admissions and a 17.8% decrease in adjusted admissions. On a same-store basis, admissions fell 3.4% while adjusted admissions slipped 9.5%.
Pointing to recovering patient volumes, net operating revenues on a same-store basis increased 4.5% during Q4 2020.
Additionally, CHS extinguished $787 million principal value of outstanding notes for cash payments of $478 million and 10 million newly issued shares of company stock, according to a press release.
LinkedIn's effort to help the troubled rollout of the COVID-19 vaccines comes shortly after the Biden administration announced that it had secured another 200 million doses.
LinkedIn announced Wednesday morning that the company is now using its platform to connect vaccination volunteers with "paid support opportunities" in an effort to mitigate the damage of the ongoing COVID-19 pandemic.
The San Francisco-based technology stated that its rollout will follow a two-pronged approach as healthcare organizations, pharmacies, and government agencies that support vaccine distribution can post jobs for free through May 15.
Some healthcare roles that can be posted for free:
Registered nurses
Nurse managers
Patient service specialists
Medical assistants
Health services managers
MAs
LPNs
Urgent care techs
Patient access representatives
Pharmacy technicians
Certified nursing assistants
LinkedIn stated that the most in-demand jobs for vaccine administrators are pharmacists, registered nurses, vaccine support staff, and medical assistants.
Additionally, the major companies hiring for these roles are CVS Health Corp., Dartmouth-Hitchcock Nursing Careers, Ingles Market, and Specialty Medical Staffing, according to LinkedIn data.
According to a company press release, LinkedIn has offered to support for healthcare companies looking to fill essential jobs during the pandemic, filling more than 330,000 positions.
The company's effort to help the troubled rollout of the COVID-19 vaccines comes shortly after the Biden administration announced that it had secured another 200 million doses.
Additionally, 75% of administered doses have been distributed as of Wednesday morning.
Meg Garlinghouse, head of social impact at LinkedIn, told HealthLeaders that the company was prompted to contribute its services due to the feedback it received from customer organizations, including healthcare groups, about "talent constraints" during the pandemic.
Garlinghouse said LinkedIn's ability to connect people served as the "perfect manifestation" of accelerating the distribution of the COVID-19 vaccines.
"I think as we were trying to figure out what more we could do to assist [healthcare companies,] that's where we thought we could stand up and be more generous in offering and extending their licenses to more job slots," Garlinghouse said. "But in addition, I do want to note that this isn't limited to existing customers. It's also available to anyone who has an urgent hiring need and isn't yet a customer, but just wants to be able to post jobs for free."
She added that LinkedIn owes its gratitude to the healthcare workers that have served on the front lines of the pandemic.
"I'm proud that LinkedIn is doing our part to help these companies who are hiring these extraordinary individuals do their part," Garlinghouse said. "The more efficiently that we can do that, the quicker we can get the right people the right opportunities to hopefully end this pandemic sooner rather than later."
LinkedIn's announcement also came less than a week after NBC News launched a website focused on COVID-19 news and vaccination information.
Tomer Cohen, Chief Product Officer at LinkedIn, published a blog post accompanying the announcement Wednesday, stating that the company is in a position to help organizations in need of volunteers to enhance the rollout of the COVID-19 vaccine.
"We are committed to connecting people with opportunity and these connections become even more important in times of crisis. We’re also continuing to keep our members safe and informed when it comes to trusted sources of vaccine news and information, and we are actively working to remove any misinformation about vaccines from our platform," Cohen wrote. "We are proud to do our part to help accelerate the distribution of vaccines by connecting essential businesses that need to quickly find healthcare talent with people who have the right skills."
Beaumont Health also saw its operating revenues fall by $122.4 million year-over-year.
Beaumont Health's net income fell by $60.6 million last year largely due to the effects of the COVID-19 pandemic, the Michigan-based health system announced Monday.
Beaumont said that it faced significant volume decreases affecting "inpatient discharges, observations, births, emergency visits, surgeries, and physician encounters."
The health system had a net operating income of $176.6 million in 2020, down from $196.3 million in 2019. The organization also reported that operating revenues fell by $122.4 million year-over-year, though this was offset by payments received through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The health system received $505 million in Medicare Advance Payments, according to a press release.
Beaumont's non-operating income for the year was $162.7 million, down from $205 million in 2019.
C-suite perspective:
"The effects of the pandemic are expected to continue into 2021 as Beaumont has cared for more COVID-19 patients than any other health care system in Michigan," John Kerndl, CFO of Beaumont, said in a statement. "The Beaumont team remains focused on leading through the COVID-19 pandemic and providing low cost, high-quality care as demonstrated by our designation of 19 national rankings by U.S. News and World Report. Though surgeries, diagnostic services and Emergency Center visits are recovering, they are not back to pre-COVID-19 levels."
The system's year-end financial performance was released months after the Detroit Free Press reported that Beaumont paid CEO John Fox a $2.6 million bonus the same day that it received its first patient infected with COVID-19.
The organization did have a few bright spots regarding its financial metrics.
Beaumont ended the year with $3.49 billion in cash and investments, up from $2.27 billion in 2019, 307.3 unrestricted days cash on hand, and total debt of $1.47 billion, down slightly year-over-year.
The system also mentioned that Beaumont's ACO generated $27.8 million in gross savings for contract year 2019.
Despite seeing year-over-year increases for its full year metrics, CVS saw declines in operating income, net income, and adjusted earnings per share in Q4.
CVS Health reported full year total revenues of $268.7 billion, up nearly $12 billion year-over-year, according to the company's latest earnings report released Tuesday morning.
For 2020, CVS' operating income rose to $13.9 billion, net income was just shy of $7.2 billion, and diluted earnings per share (EPS) from continuing operations and adjusted EPS increased as well.
Yet despite seeing year-over-year increases for its full year metrics, CVS saw declines in operating income, net income, and adjusted earnings per share in Q4.
Opertating income fell by $513 million, net income slid by $769 million, and adjusted EPS declined by $0.43.
The earnings report was released two weeks after Karen Lynch, who previously served as executive vice president of CVS and president of Aetna, succeeded longtime CEO Larry Merlo.
"The COVID-19 pandemic presented unique challenges to our business and to the entire health care industry. We utilized the full depth and breadth of our capabilities and our presence in local communities across the country, to play a leadership role in COVID-19 testing and vaccine administration," Karen Lynch, CEO of CVS, said in a statement. "Our ability to deliver 2020 full-year results above expectations is a testament to the strength of our strategy and the flexibility of our diversified health services model."
CVS' earnings report comes as the U.S. continues to fine-tune the troubled rollout of COVID-19 vaccines. CVS was selected as a national partner for the Federal Pharmacy Program and rolled out in-store vaccinations across 11 states.
According to the company, CVS has administered more than 3 million vaccines in more than 40,000 long-term care facilities.
For the full year, CVS reported Retail/LTC segment revenues of $91.1 billion, a $4.5 billion year-over-year increase, though the segment's operating income slid $153 million over the same period.
As part of CVS' response to the ongoing challenges related to the pandemic, waivers for out-of-pocket costs associated with inpatient hospital admissions related to COVID-19 were extended for commercial members through January 31, 2021, and through March 31, 2021, for Medicare Advantage members.
Looking ahead, CVS projected growth for 2021, with an EPS from continuing operations in the range of $6.06 to $6.22, along with an adjusted EPS between $7.39 to $7.55.
Additionally, CVS's outlook included full year cash flow from operations in the range of $12 billion to $12.5 billion.
DaVita's total dialysis treatment volume for Q4 2020 experienced a per day decline of nearly 1% year-over-year.
DaVita Inc.'s net income for both Q4 and 2020 overall experienced year-over-year declines, according to the latest earnings report released Thursday afternoon.
At the end of Q4, DaVita reported $193 million in net income from continuing operations, down from $242 million during the same period in 2019, and net income of $174 million, down from $245 million in Q4 2019. Similarly, DaVita's net income for 2020 was $774 million, down from $811 at the end of 2019, though its net income from continuing operations rose by $76 million.
Most notably, the Denver-based dialysis company recorded an operating income of $382 million for Q4 2020, down from $463 million in Q4 2019, though its year-end operating income of $1.695 billion marked an improvement of $52 million.
DaVita's total dialysis treatment volume for Q4 2020 experienced a per day decline of nearly 1% year-over-year while normalized non-acquired treatment growth for the quarter was 0.3%.
The company attributed the revenue and cost changes to a number of factors, including the ongoing COVID-19 pandemic. In its press release, DaVita stated that the challenges related to COVID-19 resulted in an estimated net impact on operating income of $60 million.
C-suite perspective:
"Throughout the pandemic, including the recent surge in the number of COVID-19 cases across the United States, our teammates continue to respond with a focus on the health and safety of 240,000 patients receiving high quality, life-sustaining care," Javier Rodriguez, CEO of DaVita, said in a statement. "Over the past six weeks, we have begun providing vaccinations to our front-line caregivers, and we are now beginning the process of providing COVID-19 vaccinations to our patients."
The dialysis provider recorded full year diluted earnings per share from continuing operations of $6.39, up nearly 39% year-over-year.
DaVita's cash flow, specifically operating cash flow, operating cash flow from continuing operations, and free cash flow from continuing operations, all experienced year-over-year declines during the quarter.
For the quarter, DaVita also repurchased over 4.1 million shares for $417 million.
Looking ahead to 2021, DaVita projected adjusted operating income in the range of $1.675 billion to $1.825, adjusted diluted net income from continuing operations per share attributable to the company between $7.75 to $8.75, and free cash flow from continuing operations between $900 million to $1.15 billion.
Still, DaVita added that the pandemic continues to "generate significant risk and uncertainty, and as a result, our future results could vary materially from the guidance provided."
The Long Beach, California–based insurer stated that the net effect of the COVID-19 pandemic decreased its full year net income by $2.30 per diluted share.
Molina Healthcare's total revenue for 2020 was $19.4 billion, up 15% year-over-year, though the insurer's net income fell by $64 million over the same period, according to its latest earnings report released Wednesday afternoon.
Molina's net income fell from $737 million at the end of 2019 to $673 million at the end of 2020 as the company endured the effects of the ongoing COVID-19 outbreak. The company attributed its revenue growth to increased membership, especially among its Medicaid population, and the impact of both its YourCare and Passport Health Plan deals.
The Long Beach, California–based insurer stated that the net effect of the pandemic decreased its full year net income by $2.30 per diluted share.
While Molina's premium revenue increased during Q4 2020 and for the full year, both its GAAP earnings per share and adjusted EPS slid during the same period.
C-suite perspective:
"2020 presented an unprecedented environment, and I am proud of our performance as we focused on delivering for all of our stakeholders. We ensured our members had access to high quality care, we implemented innumerable special protocols for providers and our state customers, and we delivered growth and excellent financial results," Joe Zubretsky, CEO of Molina, said in a statement. "As the pandemic continues into 2021, we are determined to do the same. We are pleased with the significant revenue growth we expect to achieve in 2021, and look forward to another successful year."
The insurer's cash and investments at the parent company totaled $644 million at the end of 2020, down from nearly $1 billion at the end of 2019. Molina's operating cash flow at the end of 2020 was $1.89 billion, representing an increase spurred by "strong operating results, cash flow timing benefits from the growth in membership in 2020, and the net impact of timing differences in governmental receivables and payables."
For 2021, Molina's outlook included a premium revenue growth projection above 25%, adjusted EPS in the range of $12.50 to $13, and net income in the range of $649 million to $678 million.