Becker's Healthcare December 2, 2024
Escondido, Calif.-based Palomar Health is planning big changes after reporting a financial loss in the 2024 fiscal year.
Palomar is the largest public health system in California, with two hospital campuses and more than 900 affiliated medical providers. Fitch downgraded the system earlier this year to a “BBB-” after 18 months of weak performance due to deciding volumes and increased labor and supply expenses. On Nov. 27, the system announced a planned workforce reduction.
“This was a profoundly difficult decision that involved careful deliberation,” said Diane Hansen, president and CEO of Palomar Health, in a news release. “These steps, while challenging, are necessary to stabilize our finances and prepare us for the future.”
Five things to know:
1. Palomar reduced...
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