Issue link: https://beckershealthcare.uberflip.com/i/1489485
10 CFO / FINANCE The 17 hospitals facing maximum Medicare readmission penalties By Nick Thomas A s part of its hospital readmissions reduction program, Medi- care will cut payments by the maximum of 3 percent in fiscal year 2023 to 17 hospitals across the country. at figure com- pares with 39 hospitals facing the maximum penalty in fiscal 2022. e maximum 3 percent payment cut for these hospitals is for every Medicare patient stay during fiscal year 2023, which runs Oct. 1, 2022, to Sept. 30, 2023, according to an analysis by Kaiser Health News. Here are the 17 hospitals facing the maximum penalty in fiscal year 2023, according to the report. Arizona Arizona Orthopedic and Surgical Specialty Hospital (Chandler) Florida St. Lucie Medical Center (Port St. Lucie) Illinois Sarah Bush Lincoln Health Center (Mattoon) Kentucky Greenview Regional Hospital (Bowling Green) Massachusetts Beth Israel Deaconess Hospital-Milton North Carolina Cape Fear Valley Hoke Hospital (Raeford) Ohio King's Daughters Medical Center Ohio (Portsmouth) Oklahoma Bailey Medical Center (Owasso) Pennsylvania Surgical Institute of Reading (Wyomissing) Texas Baylor Scott and White Medical Center Uptown (Dallas) Baylor Scott and White Surgical Hospital (Fort Worth) Childress Regional Medical Center Lubbock Heart Hospital Memorial Hermann Surgeon Hospital Kingwood Methodist Hospital for Surgery (Addison) Wisconsin Aspirus Riverview Hospital & Clinics (Wisconsin Rapids) Midwest Orthopedic Specialty Hospital (Franklin) n CommonSpirit reports $227M quarterly loss: 6 details By Laura Dyrda C hicago-based CommonSpirit Health reported a multimillion-dollar operating loss and tightening margins for the first quarter of the 2023 fiscal year, ending Sept. 30. Six details: 1. The 138-hospital health system reported $23 million income for the three months ending Sept. 30, down from $34 million over the same period last year. However, CommonSpirit received $325 million as part of the California provider fee program under the CMS- approved state plan amendment; after normalizing for the program, CommonSpirit reported a $227 million loss for the quarter. 2. The health system sold its stake in Clive, Iowa-based MercyOne facilities and assets to Livonia, Mich.-based Trinity Health for around $613 million in September. CommonSpirit reported an estimated $34 million loss on the sale. 3. Quarterly EBITDA dropped to $495 million, compared to $503 million last year. The EBITDA margin for the three-month period was 5.5 percent, down from 5.9 percent last year. When accounting for the California provider fee program, quarterly EBITDA was $245 million and margin was 2.9 percent. 4. Acute inpatient days dropped 6.7 percent for the quarter year over year, hitting 977,527. The decrease was primarily due to fewer patients being treated for COVID-19, unfavorable payer and service mix shifts and the MercyOne equity sale. Outpatient visits also dropped 5.3 percent to 6.7 million. 5. CommonSpirit's quarterly operating revenue hit $8.53 billion. 6. Salaries and benefits expenses increased 5.1 percent to $4.5 billion for the quarter due to high registry and contract labor as well as overtime, premium pay and inflation. n