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

McKesson Corp. Saw Three Percent Revenue Growth in Fiscal Year 2019

Despite being in legal hot water in multiple states for the number of opioids McKesson Corp. sent to patients and doctors, the pharmaceutical giant reported a three percent increase for full-year fiscal 2019 revenue and two percent up from last year’s fourth quarter. The fourth quarter fiscal 2019 revenue was $52.4 billion, and the full year revenue was $214.3 billion. Shareholders received $1.9 billion due to share repurchases and dividends in fiscal year 2019. The company has a positive outlook looking forward due to a renewed pharmaceutical distribution relationship with CVS Health through 2023. McKesson’s cashflow was $4.0 billion for… Full Story

The Trouble with Calculating Hospital Revenue

Last week, we ran a story about hospital profits in Dallas based on Allan Baumgarten’s Texas Health Market Review, and it caused a bit of a stir. Baylor Scott and White Health said that the data, which was created from surveys from the American Hospital Association and Texas Health and Human Services information, was incorrect and that we had made an error. The DFW Hospital Council had questions about the figures as well. Updates were posted, and discrepancies between what Baylor said was its profit margin and what was in the review were somewhat explained, but it highlighted just how… Full Story

Senior Care Centers Files For Bankruptcy, Citing “Burdensome Debt Levels”

Senior Care Centers, a Dallas-based skilled nursing and assisted living operator, filed for bankruptcy this week. The company has 11,000 employees throughout Texas and Louisiana in more than 100 locations. All facilities will continue to operate without interruption and the filing should not impact patient care or worker salaries, according to a release. The release noted “burdensome debt levels and expensive leases” as the reasoning for filing for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas. “After careful analysis, we determined that the protections afforded by the Chapter 11 process are the best way to address… Full Story

Local Gastroenterology Group Creates New Alliance With Chicago Private Equity Firm

Texas Digestive Disease Consultants will be teaming up with with Waud Capital Partners to from the GI Alliance, providing TDDC with greater resources to grow its gastroenterology care group into other regions of the US. TDDC is the largest gastroenterology group in the country with 70 locations, 159 physicians, 1000 employees and 95 hospital affiliations in Texas and Louisiana, and was founded by Dr. James Weber in 1995. “The timing is right for this partnership,” said Dr. Weber, CEO of TGIA and President of TDDC. “The healthcare industry is changing at a breakneck pace. Government and payer requirements are increasingly complex,… Full Story

Teladoc Reports Another Quarter of High Revenue Growth With A Net Loss

Teladoc Inc. reported its second quarter earnings on Wednesday, showing revenue of $94.6 million during the three months that ended June 30. For the year, Teladoc has brought in $184.2 million, up from $87.5 million at this point last year. The growth is a combination of recent acquisitions—as noted in my story here—and organic growth, which came in at 39 percent for the second quarter. It continues to operate at a loss, taking a $25.2 million hit during Q2—compared to a net loss of $15.4 million during the same period last year. Another thing of note in those earnings: Teladoc… Full Story

Teladoc Filing Gives A Sense Of The Size Of The Company Following Recent Acquisitions

A new regulatory filing from Teladoc sheds light on the company’s rapid growth following a couple recent acquisitions. The telemedicine pioneer disclosed financial statements on Monday that show new acquisition Advance Medical-Healthcare Management Services brought in $18.5 million during the first quarter. That goes with Teladoc’s first quarter revenue of $89.6 million to create a combined first quarter revenue of $108.1 million. The company brought in $42.9 million during the same quarter last year. Teladoc now stations its top executives in Purchase, New York, but its second corporate office remains nearby in Lewisville, where the company was founded in 2002.… Full Story

Where DFW’s Healthcare Community Stands On A Price Transparency Proposal From CMS

Ask a random selection of people about whether they’d appreciate more up-front knowledge about the prices they pay for healthcare, and you’d be hard-pressed to find anyone that’s happy flailing around in the dark. As the public becomes more aware of inflated costs, the drumbeat for price transparency grows louder. But even so, practicality issues abound in transitioning a market whose prices have long sat largely beyond consumer view. As a result, the Centers for Medicare and Medicaid Services have proposed a rule that would force hospitals to post their lists of standard charges on their websites. At a minimum,… Full Story