Hospital closures and financial results for the first quarter of this year were among the healthcare finance topics that piqued the interest of readers in June.
Here are five of the most popular finance stories published by Becker's Hospital Review in June:
1. 42 hospitals closed, filed for bankruptcy this year
From reimbursement landscape challenges to dwindling patient volumes, many factors lead hospitals to shut down or file for bankruptcy. At least 42 hospitals across the U.S. have closed or entered bankruptcy this year, and the financial challenges caused by the COVID-19 pandemic may force more hospitals to do the same in coming months.
2. Kaiser returns $500M in CARES Act payments
Kaiser Permanente reported a $1.1 billion net loss in the first quarter, but the Oakland, Calif.-based health system's finances are expected to bounce back. The nonprofit health system returned more than $500 million in grants it received through the Coronavirus Aid, Relief and Economic Security Act.
3. Houston hospital to close in July
First Texas Hospital Cy-Fair, a 50-bed hospital in Houston, will close July 26 and lay off 62 employees.
4. 7 health systems report $1B+ losses in Q1
Health systems across the U.S. saw revenue decline, expenses rise and investment gains dwindle in the first quarter of this year due to the COVID-19 pandemic. For the three months ended March 31, some of the biggest nonprofit health systems in the U.S. reported losses.
5. Cleveland Clinic cancels raises, faces $500M revenue shortfall
Cleveland Clinic announced in late June that it is implementing a cost-reduction plan to offset losses tied to the COVID-19 pandemic. The health system's cost-cutting plan includes delaying some capital projects, restricting travel and eliminating raises.