Kaiser keeps cutting costs to stem operating losses

Kaiser keeps cutting costs to stem operating losses 
Modern Healthcare; by Caroline Hudson; 11/8/24 
Kaiser Permanente has continued implementing cost-cutting measures in an attempt to quell losses stemming in part from high medical expenses. ... Oakland, California-based Kaiser reported a $608 million operating loss in the third quarter, compared with a $156 million gain in the year-ago period. Net income was $845 million in the third quarter, compared with $239 million a year ago. CEO Greg Adams said in a news release he remains confident in Kaiser's integrated model and thinks it helps the health system navigate changes in the operating environment. Kaiser reported a $13 million gain in the quarter related to the Geisinger Health acquisition earlier this year. Kaiser Foundation Hospitals acquired Geisinger in April and folded it into Risant Health, a new nonprofit formed to create a national value-based care network. Washington, D.C.-based Risant is tasked with acquiring a handful of other systems to add to the network. In June, Risant announced plans to buy Cone Health in Greensboro, North Carolina, as part of a deal expected to close next year.