{
}
Providence reported a $208 million operating loss in Q3 2023, despite a revenue increase to $7.6 billion, driven by higher patient volumes. For the nine months ending September 30, the health system posted a $155 million operating loss, an improvement from $857 million the previous year, while investing $1.3 billion in community benefits. Leadership emphasized ongoing strategies to enhance performance amid rising labor and supply costs.
Providence CEO Rod Hochman declared "old-school M&A is dead," emphasizing a shift away from traditional hospital acquisitions. Instead, Providence is focusing on collaboration and transformation, exemplified by its role in Longitude Health, a partnership aimed at addressing key healthcare challenges. The health system is also expanding into ambulatory care and enhancing revenue cycle management through strategic partnerships.
Four major nonprofit health systems—Baylor Scott & White, Memorial Hermann, Novant Health, and Providence—have launched Longitude Health, a for-profit holding company aimed at enhancing care delivery and performance through collaboration. The initiative focuses on developing impactful capabilities, such as improved patient billing transparency and care coordination, while ensuring that any profits support the nonprofit missions of its members. Longitude plans to establish multiple operating companies, with the first targeting the distribution of costly monoclonal antibodies and enhancing care for Medicare beneficiaries.
Rod Hochman
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
providence reports significant operating loss amid rising costs and increased patient volumes
23:00 26.11.2024
providence ceo advocates for collaboration over traditional hospital mergers
Baylor Scott & White Health
Ascension St. Vincent's Health System
Community Health Systems, Inc.
Providence Resources, Inc.
Novant Health Inc.
R1 RCM Inc.
University of Alabama at Birmingham Health System Authority
Memorial Hermann Health System
USA
Rod Hochman
Paul Mango
Show more
23:39 12.11.2024
nonprofit health systems unite to launch longitude health for scalable care delivery
23:00 14.10.2024
Trending
Subcategory
Industry Trends
Corporate News
Startups & Entrepreneurship
Retail and Consumer Goods
Supply Chain Management
Global Trade Developments
Government Economic Policies
Workplace Trends
Stock Market Updates
Industry Mergers & Acquisitions
CEO Changes
Fintech Startups
Venture Capital Investments
Finance Mergers & Acquisitions
Emerging Startups
Financial Scams and Security
Cryptocurrency Trends
Cryptocurrency & Blockchain Regulations
Funding Rounds & Investments
Energy Sector Developments
Countries:
Companies:
Apple Inc.
Google Inc.
Alphabet Inc.
NVIDIA Corporation
Tesla, Inc.
Microsoft Corporation
Amazon.com, Inc.
Delhivery Limited
Ecom Express Ltd.
Foxconn Technology Co., Ltd.
Samsung SDI Co., Ltd.
SWIGGY LIMITED
UWS JP Morgan EM A OSB
Netflix, Inc.
Airbnb, Inc.
Adobe Inc.
GEELY AUTO
TENCENT
CarTrade Tech Limited
Ciscom Corp.
Currencies:
United States Dollar
Indian Rupee
Chinese Yuan
Euro
Japanese Yen
South Korean Won
Vietnamese Đồng
Indonesian Rupiah
Algerian Dinar
Australian Dollar
Egyptian Pound
Saudi Riyal
Swiss Franc
British Pound Sterling
Russian Ruble
Pakistani Rupee
People: