Moving on to healthcare matters now. |
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Big news from the Big Apple: McDermott's Hospitals and Health Systems Summit 2024 is back in NYC to bring healthcare's most influential leaders together. Mark your calendar for Wednesday, October 16, at The Glasshouse to join more than 350 industry leaders – including CEOs, innovators, investors, and disruptors – in the next phase of healthcare's evolution. The summit focuses on emerging tech, strategic partnerships, and value-based care. Through engaging panel discussions and fireside chats, hear from top C-suite execs who are leading the way in healthcare transformation. As one past attendee noted, it's a "great event ... [with] quality content packed into one day." Explore smart dealmaking and real-world successes that underscore the vital role of health systems across creative healthcare transactions. |
Can't make it? Check out McDermott's upcoming events here. |
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First, a note from Stephen Klasko on the passing of healthcare leader and former Rothman Orthopaedics CEO Mike West: In my 40-plus years in healthcare, I've met countless people—many forgettable, but Mike West was unforgettable. Mike and Dick Rothman were a dynamic duo! Like Batman, Mike was always there—I could call his office at 4:30 AM and he'd answer. Three words sum him up: integrity, dedication, and loyalty. Our relationship began across the negotiating table between Jefferson and Rothman—not exactly a picnic! Yet I left with immense respect for this unique individual. As our relationship evolved from adversaries to friends, I saw a whole new side of Mike after he left Rothman Institute. Whenever a startup asked me for a trustworthy advisor who truly understood healthcare, I'd say, "I've got just the person—Mike West!" If you were Mike's friend, you had his undivided attention and unwavering loyalty. I'll never forget him, and Philadelphia is poorer for losing one of its most extraordinary leaders. His impact extends far beyond his friends and family. Thank you to Stephen for these thoughtful words. |
You guys liked my overview of Ascension Healthcare, so we're back with another nonprofit health system that just reported its full fiscal year report: Mercy. After posting negative margins in 2022, Mercy Health is back firmly in the black in 2024. Stemming from acquisitions and stronger patient volumes, Mercy saw 15.6% growth in total revenues while experiencing some margin expansion from a normalizing labor environment (salaries & wages down 1.6% on a percent of revenue basis). Meanwhile, broad, strong investment returns in 2024 are bolstering bottom lines across nonprofits, most of which, as we all know, hold sizable endowments and investment portfolios. In 2024 Mercy noted marked-to-market investment returns of almost $349 million - 64.6% of net income prior to donor restricted distributions. Charted: The Top 50 Health Systems by Patient Revenue This (public) information was passed along to me by Brady Post (who also co-wrote this excellent recent article in Health Affairs on site-neutral payments), so I couldn't resist but spreading the data and looking at the largest health systems - and children's hospitals - across net patient revenue and patient discharge data. The below charts are summaries of the largest health systems by 2022 revenue & discharge data. The information contrasts my recent summary of the top 113 health systems by TOTAL revenue. When you separate out revenue for actual delivery of care provided, the lists look quite a bit different as many of the academic institutions receive grants, research, and a variety of other diverse revenue streams. Of course, HCA is still top dog by a landslide: |
Top 100 Health Systems by Patient Revenue |
Here are a few more handy tables for you guys. |
Top 100 Health Systems by Discharge Volumes |
Largest Children's Hospitals by Patient Revenue |
Someone on X (Twitter) asked me to put together a list of the top children's hospitals by revenue, so here they are sorted by patient revenue and including data for bed count and discharges as of 2022. |
The potential for transformation in health systems, big or small, is profound. With easy, fast, and scalable enterprise tech, could a 7x ROI actually be within reach these days? Spoiler alert:w ith Kontakt.io's asset management, the answer is a resounding yes. Take HCA Healthcare, for instance. By implementing Kontakt.io, they slashed their rental fleet by 75%. Managing 500,000 assets across 300+ locations, HCA achieved said 7x ROI in less than nine months. You heard that right—under nine months. Curious how they did it?
See the HCA video case study here.
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Systems: The Commonwealth Fund published a report (in a list of endless reports on this topic) on how bad the U.S. healthcare system is from an outcomes perspective. I know they're putting together an objective report based on facts, but I'm sick and tired of hearing how bad our healthcare system is compared to other countries. It's such a drag on the narrative and progress, as time and resources are wasted studying it rather than focusing attentions on solutions. Maybe instead of staying in a constant state of depression and cynicism we can re-orient our perspective on our healthcare system as, generally speaking, a group of people and technology working to make patients healthier - no matter who walks through the door (whether they've been shot, overdosed, or even threaten our healthcare workers). That starts with identifying the problems, but I feel like we are pretty well-versed in what the problems are these days. Antitrust: In today's blaring digital health news, Particle Health is suing Epic for anticompetitive practices. (lowkey good marketing for Particle) Lawsuit Drama: PBMs are suing the FTC, the FTC is suing PBMs, lawmakers are crying foul about PBM opaque practices and offshore banks and whatnot, and…grass is green. Site-Neutral Reform: Here's a great overview from Health Affairs present both promise and pitfalls of site-neutral payments. Quicker Hits: - KFF provides a snapshot of sources of coverage among Medicare beneficiaries.
- Maryland will drop Kaiser as its Medicaid administrator.
- Abridge published a slick whitepaper on evaluation of its AI-enabled scribe and ambient solution for health systems.
- Healthcare IT spending trends towards innovation, integration, and AI from Bain.
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- Cleveland Clinic and Alice L. Walton Foundation collaborate to bring world-class healthcare to the Heartland.
- Humana and Interwell Health expand value-based kidney care to Florida.
- McKinsey explores revitalizing organizational health in care delivery.
- Pomelo Care acquires the Doula Network to expand its hybrid maternity care model.
- Mass General and Tampa General deepen their affiliation to advance specialty care.
- Flare Capital Partners hosts an expert roundtable series on Medicaid.
- Steward Health CEO held in contempt by the Senate.
- Health system margins decline while patient demand lags, according to new data.
- McKinsey reimagines healthcare service operations in the age of AI.
- CDC publishes Data Brief #509 for September 2024.
- Guardian Pharmacy prices its IPO at $14 per share.
- Median physician productivity varies by specialty area.
- Democrats introduce a bill to make ACA subsidies permanent.
- AvaSure and Oracle collaborate with NVIDIA on an AI-powered virtual concierge for hospitals.
- Deaconess Health plans to acquire a Kentucky health system.
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My wife is off to Palm Springs for the weekend for a (much needed) vacation with the ladies away from our 12-month old. Which leaves me with child. What's a guy supposed to do for a weekend with a 12-month old? Hit me with your best activities (I'm half-kidding alright, I know how to have fun with my boy!!) Other random thoughts from the week: - Another great week of college football ahead. Can't wait to see Georgia-Bama. I think people are sleeping on Bama a bit. DeBoers is EXCELLENT in big games and Georgia has been sleepwalking this year so far
- The P Diddy stuff is insane
- It's finally fall weather in Dallas and it's time to get some golf in!
That's it for this week! Thanks for reading and enjoy the weekend fam. Make some memories. |
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Thanks for the read! Let me know what you thought by replying back to this email. — Blake |
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