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Longtime Providence Chairman and CEO Rod Hochman retire at the end of the year after serving at Company based in Renton, Washington for 17 years, Providence announced Wednesday.
Providence's board of trustees is in the process of selecting Hochman's successor, who will oversee the health system. network of 51 hospitals and more than 1,000 clinics across seven states.
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CEO Rod Hochman
Thanks to Providence
Hochman will become CEO emeritus effective January 1.
Hochman led the nonprofit health system through multiple expansions, including its 2016 merger with St. Joseph Health.
Executive leaves as Providence overcomes financial woes. The operator reported a Net loss of $6.1 billion in 2022 and an almost Net loss of $600 million in 2023 as it struggled to contain rising spending.
Providence has taken steps to control costs, including make cuts to its management team in 2022. The operator, however, has a negative long-term credit outlookaccording to Fitch Ratings.
The health system has also been accused of circumvent one's charitable obligationsthat require nonprofit health systems to provide reduced or free medical care for low-income patients, as part of an investigation into Oregon consumers and a separate investigation by the Washington attorney general.
Although Providence said Hochman oversaw more than $2.1 billion annually in charity care and community benefits, the health system recently reimbursed low-income patients at least twice for improperly billed care – once in 2022 And again in February.