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

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