Healthcare CFO Report

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Posted By: Annmarie Budniak May 21, 2019

When it comes to healthcare financial and payment matters, value-based care, and policy here is what is being reported and talked about. For more on Healthcare CFOs read our previous reports and to keep your finger on the business news pulse, check out our latest Health IT Business News.

To Listen:

Payment Matters: Host Jeff Lin (@JeffBLin) is joined by Andrew Kouba, CFO of Abilene Diagnostic Clinic, who shares how the physician’s group revitalized their revenue cycle and improved the patient experience with a new approach to the patient billing process.

Policy

Software Ruled Taxable in Alabama, Whether Canned or Custom
Bloomberg Tax reports that the sale of computer software in Alabama is taxable, whether it’s off-the-shelf or customized software, the Alabama Supreme Court ruled May 17.

Finance

JPMorgan Chase to Acquire InstaMed to Expand Capabilities in Healthcare Payments
JPMorgan Chase & Co. (@jpmorgan) recently announced its plan to acquire InstaMed (@InstaMed), a leading U.S. healthcare technology company that specializes in healthcare payments. The acquisition will expand the bank’s suite of payment services designed specifically for healthcare consumers, providers, and payers. InstaMed’s secure, centralized platform alleviates a number of challenges in the healthcare payments industry, with particular focus on eliminating paper, improving the consumer financial experience, and reducing costs to collect payments.

Verity Health System Receives Court Approval of Stalking Horse Agreement for Sale to The KPC Group
Verity Health System of California, Inc., a nonprofit healthcare system, announced that it has received approval of its previously announced “Stalking Horse” agreement with The KPC Group from the U.S. Bankruptcy Court.

Kaiser Foundation Health Plan and Hospitals financial update
Kaiser Permanente (@aboutKP) reports that for the quarter ended March 31, 2019, KFHP/H reported combined operating revenues of $21.3 billion and operating expenses of $19.8 billion. Operating income was $1.5 billion in the first quarter of this year, compared to $1.1 billion in the first quarter of last year. This year-over-year increase in Q1 operating income was significantly impacted by several accounting estimates that were favorable when compared to the same period last year.

Surgery Partners CEO says company will fare well under most healthcare political outcomes
The Brentwood based company Surgery Partners, which operates a network of surgical facilities, reported its financial results for the first quarter of 2019 last week. During the first quarter of 2019 Surgery Partners reported a net loss of about $29 million, compared to a loss of about $25 million last year.

Montecito Medical Acquires Trophy Nashville Area Medical Office Building
Montecito Medical Real Estate (@MontecitoMedRE), a premier owner of medical office buildings throughout the U.S., has finalized the acquisition of Murfreesboro Medical Properties, LLC, owner of a top-tier medical office building in Murfreesboro, Tenn., which is home to one of the state’s largest multi-specialty physician groups.

In the News

Harmony Healthcare Chief Financial Officer Named CFO of the Year Honoree
Harmony Healthcare announced that John Bilello, Chief Financial Officer (CFO), is the recipient of the 2019 CFO of the Year Honoree award. The award, bestowed by the Tampa Bay Business Journal (TBBJ) honors top financial executives who have made significant contributions to company growth, leadership and community involvement in the Tampa area. Read more

Amicus Therapeutics Appoints Burke W. Whitman to its Board of Directors
Amicus Therapeutics (@amicusrx1) announced the election and appointment of Burke W. Whitman to its Board of Directors, effective at the end of this quarter. Mr. Whitman is a proven leader of corporate and military organizations. He has served as a corporate CEO, CFO and board member of multiple publicly-traded and Fortune 500 healthcare service companies, as well as the commanding general of the 4th Marine Division and the commander of Marine Forces Reserve.

Owen Morris Named CFO of USPI
United Surgical Partners International (@United_Surgical), a subsidiary of Tenet Healthcare, announced that Owen Morris has joined as Chief Financial Officer of USPI. Morris, a seasoned investment banking executive, succeeds Jason Cagle, who departed USPI earlier this month. Morris reports to Dan Cancelmi, CFO of Tenet Healthcare, and Brett Brodnax, President and CEO of USPI.

Health care CEOs took home $2.6 billion in 2018
Axios reports that the chief executives of 177 health care companies collectively made $2.6 billion in 2018 — roughly $700 million more than what the National Institutes of Health spent researching Alzheimer’s disease last year, according to a new Axios analysis of financial filings.

Patient Financial Matters

Johns Hopkins Hospital sues patients, many low income, for medical debt
According to The Baltimore Sun, Johns Hopkins Hospital has filed more than 2,400 lawsuits in Maryland courts since 2009 against patients with unpaid bills, including a large number of residents from distressed neighborhoods surrounding the East Baltimore medical campus.

Events

HFMA 2019 Annual Conference
When:  June 23-26, 2019
Where: Orlando, FL
Twitter: @hfmaorg
Hashtag: #HFMAAnnual

HFMA Annual Conference – This year’s HFMA Annual Conference will inspire you to take action, giving you the tools you need to lead change and deliver on the promise of transformation. Focused on improving the business of health care, the conference draws more than 2,500 healthcare leaders from across the nation and offers 3 strategy-focused General Sessions, more than 50 best-practice breakout sessions, and 4 focused cohorts over 3 days.