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Illustration: Aïda Amer/Axios

Hospitals acknowledged to investors at this year's J.P. Morgan Healthcare Conference that their industry is contributing to patients' financial turmoil.

Yes, but: Hospitals reassured those same investors that they were focused on growing their revenue, with no real details about how that would save patients money.

What they're saying: "The number one cause of personal bankruptcy is our industry," Intermountain Healthcare CEO Marc Harrison, who is recovering from cancer treatment, said in one of the conference's opening sessions. "We have an absolute responsibility to make health care as affordable as possible."

  • Intermountain CFO Bert Zimmerli said his system has taken a $100 million hit to its bottom line by lowering costs over the past two years — a fraction of Intermountain's $9 billion of annual revenue.
  • He then touted the system's above-average 6% operating margin and explained that its collections from patients "have really been strong."
  • Bon Secours Mercy Health CEO John Starcher, who helped complete the system's merger and has acquired other community hospitals, said BSMH will continue to look at other deals because "growth is necessary" — even though all reputable evidence suggests hospital mergers raise prices and don't improve care.

The big picture: Health care's high prices, especially for hospital services, eat away at everyone's paychecks and cause large out-of-pocket burdens. But health systems mostly haven't made a dent in changing those affordability concerns.

Go deeper: A reality check on hospital beds.

Go deeper

Updated 3 hours ago - Sports

Swimmer Chase Kalisz first American to win Olympics gold medal

Chase Kalisz of Team United States celebrates after winning the Men's 400m Individual Medley Final on day two of the Tokyo 2020 Olympic Games at Tokyo Aquatics Centre in Tokyo, Japan. Photo: Al Bello/Getty Images

Swimmer Chase Kalisz became on Sunday the first Team USA Olympian to win gold at the Tokyo Games.

The big picture: The Rio 2016 silver medalist's winning time in the men's 400 meters Individual Medley Final was 4 minutes 9.42 seconds. His teammate Jay Litherland took silver .86 seconds later.

California's largest wildfire razes homes as 88 huge blazes burn in U.S.

Firefighters on the scene as dozens of homes burn during the Dixie Fire in the Indian Falls neighborhood of unincorporated Plumas County, California, on July 24. Photo: Josh Edelson/AFP via Getty Images

Flames from California's biggest wildfire were engulfing homes in the state's north overnight — one of 88 large blazes raging in the U.S.

Driving the news: The Dixie Fire, which erupted July 14 near the origin of the deadly 2018 Camp Fire in Butte County, was tearing through the community of Indian Falls in the neighboring Plumas County, per AP.

Golfer Bryson DeChambeau will miss Olympics after testing positive for COVID

Bryson DeChambeau of the United States on the 18th tee during Day Two of the 149th Open at Royal St George’s Golf Club on July 16 in Sandwich, England. Photo: Andrew Redington/Getty Images

Bryson DeChambeau has tested positive for COVID-19 and will miss the Tokyo Olympic Games, USA Golf announced late Saturday.

What he's saying: "I am deeply disappointed not to be able to compete in the Olympics for Team USA," DeChambeau said in a statement.