What We’re Reading: MA 2024 Star Ratings; Rite Aid Files for Bankruptcy; Kaiser Permanente Workers Reach Tentative Agreement

Medicare Advantage 2024 Star Ratings Show Fewer Plans Achieve 5 Stars

The latest Medicare Advantage (MA) 2024 Star Ratings have unveiled a notable decline in the number of plans achieving a coveted 5-star rating, according to Healthcare Finance. The reported shift indicates changes in plan quality and performance across the MA landscape. Health insurers will need to adapt and improve in order to meet the evolving standards and provide the best possible care to Medicare beneficiaries.

Rite Aid Files for Bankruptcy, Appoints New CEO in Bid for Turnaround

American drugstore chain Rite Aid has filed for Chapter 11 bankruptcy protection in New Jersey as it grapples with declining sales, a substantial debt load, and legal issues related to the opioid epidemic, according to CNBC. The company announced the appointment of Jeffrey Stein as its new CEO and chief restructuring officer. While Rite Aid has historically relied on its retail pharmacy segment for growth, it has struggled to compete with larger rivals like CVS and Walgreens and faces stiff competition from online retailers. These challenges, coupled with ongoing lawsuits, have pushed the company to seek bankruptcy protection and undertake a restructuring effort in hopes of achieving long-term success.

Tentative Agreement Reached Between Health Care Workers and Kaiser Permanente After Strike

Unions representing 85,000 health care workers have reached a tentative agreement with Kaiser Permanente, one of the industry giants, following a strike over wages and staffing levels, according to The Associated Press. The deal includes minimum hourly wages of $25 in California and $23 in other states, along with a 21% wage increase over 4 years. Both parties emphasized their commitment to patient care during negotiations. The tentative agreement also addresses concerns around subcontracting, outsourcing, and investing in the workforce, marking it a significant milestone in the healthcare industry.