LancasterOnline •

Here's why LG Health lost $16.3 million from its operations last year

Penn Medicine Lancaster General Health lost $16.3 million from its operations during the last fiscal year in what its CEO has called one of the most financially challenging years for health care in the United States. However, the health system is on track to be back in the black in 2024, said CEO and President John Herman. In the fiscal year that ended June 30, LG Health’s loss resulted in a decline in operating revenue over expenses, or profit from operations, of 154% from the previous year,
Reading Eagle •

Why is Tower Health adding urgent care centers amid financial struggles?

Even as the pandemic sent a shock through Tower Health's shaky finances, the West Reading-based health system continued to open more urgent care centers. Since it announced layoffs of 1,000 employees in June, Tower has opened seven new urgent care centers in Chester, Montgomery and Berks counties. The most recent opening in Hamburg follows Tower's restructuring of its physician practices, Tower Health Medical Group, affecting nearly 200 doctors and other staff. The consolidation is expected to improve Tower's financial performance by $70 million by the end of June.
Reading Eagle •

Tower Health continues to seek buyer as it reports $80M quarterly loss

West Reading-based Tower Health aims to complete its review of potential suitors by mid-July as it continues to post losses. Tower lost nearly $80 million from January through March, according to its quarterly disclosures to bondholders. That’s an improvement over the previous quarter when the seven-hospital system lost near $111 million. Meanwhile, in April, Tower received multiple indications of interest in response to a request for proposals issued on behalf of Tower Health by its consultan