Leveraging Lyft for Healthcare Goals Earlier this week, I had the opportunity to speak with Megan Callahan, a former top executive at both Change Healthcare and McKesson, who was hired in 2018 as Lyft's vice president of healthcare. Callahan oversees the ridesharing giant's ongoing effort to use its extensive transportation capabilities to provide affordable, reliable rides for patients' medical visits. Be sure to check out our wide-ranging conversation here. Also, as my colleague Steven Porter noted in Tuesday's Briefing newsletter, I have been "furiously digesting" Q1 earnings reports throughout the week, with a total of 12 earnings recaps included below. Important reminder: Our 2019 CFO Exchange held at the American Club in Kohler, Wisconsin from August 7 - 9, is on the horizon! If you're the CFO of a health system and interested in attending, follow the link here for an invitation. | | |
Q1 Healthcare Earnings Roundup - Universal Health Services, Inc.: The King of Prussia, Pennsylvania-based hospital management company did not meet its earnings per share or revenue expectations.
- CVS Health: CVS Health's still-pending acquisition of Aetna delivered exceptional financials for the company in Q1.
- Encompass Health: The Birmingham, Alabama-based post-acute care provider attributed its improved revenue metrics to volume and pricing growth.
- Cigna Corp: The Bloomfield, Connecticut-based insurer rebounded with revenues totalling nearly $38 billion in Q1.
- Community Health Systems: The for-profit rural hospital operator produced yet another dismal earnings report.
- Tenet Hospital Corp.: The Dallas-based for-profit hospital operator showed year-over-year improvement on its net losses though revenues slipped to $3.86 billion.
- Teladoc: Once again, the telemedicine company saw its revenues rise alongside with its net loss.
- Molina Healthcare: The Long Beach, California-based insurer's net income rose to nearly $200 million in Q1, a $91 million bounce year-over-year, prompting the company to boost its year-end guidance.
- Humana: The Louisville-based insurer again raised its earnings per share guidance for 2019, this time due to expected Medicare Advantage growth.
- WellCare Health Plans: The Tampa-based insurer's net income and total revenues experienced a significant bump compared to Q1 2018.
- HCA Healthcare Inc.: The Nashville-based for-profit hospital operator's revenues topped $12.5 billion but net income dropped below $1.1 billion.
- Magellan Health: The Scottsdale, Arizona-based for-profit managed care company experienced a horrid Q1 across nearly all financial metrics.
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Slack Files to Go Public, Aims to Act as HIPAA Business Associate | - The San Francisco-based company is looking to have its messaging application being used by healthcare providers.
- Slack will be subject to HIPAA, as well as other state health information laws, which will require a keen focus on compliance.
- Some have raised concerns about vendors potentially accessing protected health information shared in messages, not files, through the service.
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Verma: CMS Developing More Mandatory Payment Models | - The embrace of mandatory models comes after the Trump administration was regarded in its early months as preferring voluntary models.
- Mandatory models can bypass the selection effects seen in voluntary models, the CMS administrator said.
- The statements were made to NAACOS, which has had some concerns about the administration's Medicare ACO program overhaul.
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New DaVita CEO Announced as Thiry Transitions to Executive Chairman | - Javier J. Rodriguez, CEO of DaVita Kidney Care, will take the helm of the entire company effective June 1.
- He will replace CEO Kent Thiry, who has held the position since 1999, as he transitions to the role of executive chairman for the company.
- One of the first items likely on Rodriguez's list when he assumes the CEO position will be navigating the closing stages of the still-pending sale of DaVita Medical Group to UnitedHealth Group's Optum.
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Aetna Quietly Settles High-Profile Lawsuit Over Denied Coverage | - Plaintiff Gillen Washington sued the health insurer after he was denied coverage for a rare immune disorder, the infusion treatments for which can cost up to $20,000.
- Former Aetna medical director Jay Ken IInuma, MD, stated in a deposition that he did not examine the Washington's records before deciding whether to deny or approve care, relying instead on information provided by nurses.
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Minnesota BCBS CEO Talks Transformation, Entering Care Delivery at WHCC 2019 | - Samitt said BCBS Minnesota is looking at moving into the care delivery business.
- He also praised corporate disruptors for potentially bringing transformational change to the industry.
- "If the incumbents don't find a way to reinvent healthcare from the inside out, someone's going to come along and reinvent us from the outside in," Samitt said.
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CBO Balks on Cost Estimate for Single Payer System | - The report punts on the biggest question about single-payer: How much would it cost?
- That cost 'would depend on the system's design and on the choice of whether or not to increase budget deficits.'
- 'While a single-payer system would significantly reduce the numbers of uninsured, exactly by how much would depend upon the system's design.
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| Final Notes If you have any tips, story ideas, thoughts, calendar items, press releases, criticisms, corrections, or general advice, send them my way at jobrien@healthleadersmedia.com. If email isn't your thing, follow me on Twitter at @imjackobrien, (along with the official HealthLeaders account, @HealthLeaders), or connect with me on LinkedIn. Don't forget to tell your friends and colleagues about our weekly newsletter, they can sign up for free by following this link. I will see all of you on May 9, after the Kentucky Derby this weekend! That's all, folks. Jack O'Brien
Finance Editor | | |
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