Plano-Based Reata Pharmaceuticals Raises $500 Million in Stock Offering

Plano-based Reata Pharmaceuticals, a clinical-stage biopharmaceutical company, raised $505.1 million via a stock offering that sold 2,760,000 shares of Class A common stock ahead of commercializing its existing clinical-stage treatments. The stock sales will add to the company’s working capital supply and corporate funds, which they intend to use to develop new drugs that fight Alport syndrome, which is a genetic condition that causes by kidney disease , hearing loss, and eye problems, and Friederich’s ataxia, a neurological disorder that causes falling, and difficulty in because of  issues with the ability to coordinate voluntary movements and causes death in the patient’s 30s.… Full Story

Tenet Hires Humana Veteran for VP of Investor Relations

Regina Nethery will be Tenet Healthcare Corp.’s Vice President of Investor Relations, after most recently serving as Enterprise Vice President for Humana Inc. “Regina has an impressive background – both in terms of her skills across finance and investor relations, as well as more than two decades of experience in healthcare services,” said Ron Rittenmeyer, Tenet’s Executive Chairman and CEO via release. “At Humana, she cultivated a strong rapport with the investment community and built an incredibly effective and responsive investor relations organization. Regina is well-respected as a leader in her field, and she will be a tremendous addition to… Full Story

Access Physicians Receives $9.3M in Funding to Expand Telemedicine Nationwide

Dallas-based telemedicine company Access Physicians secured $9.3M in Series A funding from Health Enterprise Partners, a private equity firm focused on healthcare with financial backing from some of the largest health systems and health plans in the country. “Today’s health care landscape continues to change rapidly. Telehealth is no longer the future – it is the present. The Texas Hospital Association identified a dependable telehealth partner for Texas hospitals in Access Physicians and we are excited to see what they do next,” said Ted Shaw, THA president and CEO via release. The investment will allow Access Physicians to grow its multispecialty telemedicine services… Full Story

Steward Has Lost $592 Million in Two Years, but Revenue is Up

Dallas-based Steward Healthcare experienced $592 in losses over the last two years, according to a report from the Massachusetts Center for Health Information and Analysis. Steward is the largest private, tax-paying hospital operator in the country, with three dozen hospitals in nine states and Malta and 42,000 employees. The report repeatedly stated that Steward had not submitted its financial information as is required by Massachusetts law, but data was obtained through an SEC filing by a real estate investment trust. Steward sued the state in 2017 to keep its financial data secret, the Boston Globe reports. The report showed that most health systems… Full Story

New CFO at Lake Granbury Medical Center

Lake Granbury Medical Center has named Amie Turner as its new Chief Financial Officer. She will replace Matt Bytler, who will now be the CFO at Abilene Regional Medical Center. Turner will lead finance, patient registration, information management, case management, accounts payable, revenue integrity, and supply chain oversight at the 73-bed facility. The 750 employees serve residents in Hood, Somervell, and Erath counties. Prior to Lake Granbury, Turner was the Assistant CFO at Lake Norman Regional Medical Center in North Carolina. She also worked in South Carolina at Mary Black Health System. She has been in accounting since 2008.

BCBSTX Parent Company Has Now Lost Their CFO

More changes are on the way for Blue Cross Blue Shield of Texas’ parent company Health Care Services Corporation, as CFO Eric Feldstein resigned earlier this week. The resignation follows the exit of HCSC’s President and CEO Paula Steiner last week, and was confirmed by a spokesperson to Crain’s Chicago Business.  Like Feldstein, Steiner had been in her position for around three years at HCSC, and the departure follows a move earlier this year to open several clinics around Texas, following Humana and UnitedHealtchare by moving into the provider space. HCSC spokesperson Greg Thompson told Crain’s that the company’s “talented… Full Story

Conifer CEO Steps Down Amid Spin-off From Tenet

Conifer Health Solutions CEO Stephen Mooney is leaving his position as Tenet Healthcare plans for a tax-free spin-off of Conifer Health Solutions into its own public company. The new company is meant to maximize Conifer’s value after Tenet’s strategic review process analyzed it’s future.   Tenet has appointed Kyle Burtnett, Chief Operating Officer of Conifer, as the interim CEO while it conducts a national search for a permanent Conifer CEO. Burtnett has been Conifer COO since 2017, and was previously the President of Ambulatory Services and Chief Integration Officer for Tenet’s United Surgical Partners International subsidiary.  Tenet CEO Ronald Rittenmeyer said via… Full Story

UT Southwestern’s Michael Serber is a D CEO Financial Executive of the Year

As an academic institution, medical center, and top-tier medical research organization, UT Southwestern has one of the more complicated funding sources one can imagine. A mixture of state funding, tuition, insurance and out-of-pocket expenses, donations, and other sources come together to fund UT Southwestern, and CFO Michael Serber is the man in charge of keeping the institution in the black. He won D CEO‘s Outstanding CFO for Large Nonprofits. Serber has been with UT Southwestern for 16 years, quadrupling the medical center’s top-line revenue from about $750 million to well over $3 billion per year. He has also been integral… Full Story

Medical City Parent Company CEO Made Over $100 Million in 2018

Federal security documents show that HCA Healthcare’s CEO R. Milton Johnson made $108 million in 2018 between salary, stock, and other compensation, as reported by Axios. He was the highest-paid healthcare executive in their analysis, leading executives from Pfizer, Johnson and Johnson, Humana, and Cigna. The analysis was part of Axios’ coverage of how the Affordable Care Act has impacted the healthcare industry. Healthcare executive salaries have grown 11 percent per year since 2010, while overall wage growth has hovered between two and four percent since 2010, according to the Federal Reserve Bank of Atlanta. Because many of these healthcare executives… Full Story

Baylor Scott and White’s Mixed Financial Report

As first reported in Becker’s Hospital Review, Baylor Scott and White’s operating income jumped 18.4 percent from last year, but its net income was down 14.9 percent from a year prior according to unaudited financial documents. The net income loss is a continuation of a trend from earlier this year, when market volatility took a chunk out of Baylor’s net income despite operating income growth. In the 9 months prior to March 31, the North Texas nonprofit system reported an operating income of $584.3 million, up from $493.5 million the year before. Baylor’s operating revenue grew to $7.4 billion for… Full Story