Moody's Investor Service downgraded Einstein Healthcare Network's credit rating by one notch, to just above junk bond status, citing the nonprofit system's large and unexpected loss of $23 million on an operating basis in the year ended June 30, a decline in liquidity, and uncertain state funding.
Horizon Blue Cross Blue Shield of New Jersey, the state's largest health insurer, said Tuesday that state regulators had approved average rate increases of 24.3 percent on individual Affordable Care Act plans for next year.
The Pennsylvania Department of Insurance on Monday announced that it had approved average rate increases of 30.6 percent for individual plans to be sold next year on the Affordable Care Act health insurance exchange.
Philadelphia-based Aramark, deviating from its history of relatively small acquisitions in recent decades, will spend $2.35 billion to buy one company that manages $5 billion in purchasing for major hotel chains and and another that will expand its uniform-rental and linen-supply business in the United States and Canada,
Standard & Poor's Global Ratings downgraded La Salle University's credit rating by one notch, to "BBB-," one level above junk, citing a decline in overall enrollment over the last four years, heavy dependence on tuition for revenue, and relatively weak financial resources.
UnitedHealthcare of Pa. loses protest of Medicaid contract awards in Commonwealth Court of Pennsylvania.
Providence Place Senior Living will spend $19 million to build the 113-unit facility in Lower Providence Township, the Hummelstown, Pa., company said.
The new Pennsylvania Liquor Control Board system restaurants must use to order wines that are not available in state stores has, as expected, had some stumbles since launching Sunday.
A new financial disclosure from Tower Health, which just bought five hospitals in Philadelphia and its suburbs, shows that the Berks County nonprofit is loading up on debt to take over facilities that had an operating loss of $17 million in the fiscal year ended June 30, 2017.
Independence Blue Cross is offering a buyout program to employees with at least 15 years of service by Dec. 31. A spokeswoman said the company regularly reviews its "business operations, looking for opportunities to work more efficiently, and apply best practices in ways that will address and best serve our customers' and members' needs."
Independence Blue Cross' contract offer to Tower Health on Friday, the day Tower completed its acquisition of Brandywine Hospital, Chestnut Hill Hospital, Jennersville Regional Hospital, Phoenixville Hospital, and Pottstown Memorial Medical Center, contained what was effectively a poison pill, Clint Matthews, president and chief executive of Tower Health, said Monday.
The five hospitals Reading Health acquired from Community Health Systems on Friday are no longer in-network for Independence Blue Cross customers. Reading Health, which has adopted the name Tower Health to encompass its longstanding operations and new hospitals, has its own health plan through a joint venture with the University of Pittsburgh Medical Center, making negotiations with Independence difficult.
AmeriHealth Caritas, of Philadelphia, said Friday that the Delaware Department of Health and Social Services picked it to be one of two companies to manage Medicaid benefits in the state starting Jan. 1.
Reading Health System said Friday it completed its purchase of five hospitals in Southeastern Pennsylvania from Community Health Systems, forming a new organization called Tower Health.
Pennsylvania State Senator Anthony H. Williams said he plans to introduce legislation that would require to Pennsylvania Liquor Control Board to implement direct shipping of special-order wines to restaurants by March 1.
Direct-to-consumer wine shipping was part of a package of alcoholic-beverage-control system changes adopted in the state last year. But the top five shippers, accounting for 30 percent of the business in the year ended June 30, are primarily retailers.
After paying $216.7 million into the state's general fund in the year ended June 30, more than twice the $100 million paid to help fund state operations the year before, the Pennsylvania Liquor Control Board had a bottom line loss of $114.3 million, the agency's latest financial results show.
Independence Blue Cross, the largest health insurer in the Philadelphia region, announced its commitment to offer insurance plans on the Affordable Care Act exchange for next year.
Temple University Health System sees strong upside from new electronic health records system that cost more to launch than projected, leading to an operating loss in fiscal 2017.
I write about the business side of health care, higher education, and the broader nonprofit sector, with occasional forays into the food and alcoholic beverage industries.