September 08, 2020
A new analysis released today shows the COVID-19 public health crisis will leave lasting scars on Pennsylvania and its hospital community. The report is a follow-up to an April analysis commissioned by The Hospital and Healthsystem Association of Pennsylvanian and conducted by Health Management Associates.
Six months into the crisis, the analysis states that, between mid-March and July, hospitals incurred an estimated operating margin shortfall $5 billion below expected results—a 24 percent drop from pre-pandemic revenues. The state government still possesses more than $1 billion in CARES money designated for COVID-related spending.
The report also found:
“This updated analysis confirms the magnitude of the shockwaves that COVID-19 has sent through our health care system and economy,” said Andy Carter, HAP president and CEO.
“Since the beginning of the COVID-19 pandemic, Pennsylvania’s hospitals have been on the front line of battling the virus. Absent additional and significant support from state and federal lawmakers, the long-term financial stability of hospitals—and, as a result, patient access to care—remains in serious jeopardy.”
The report’s estimated financial losses significantly exceed the federal relief received to date, and losses are expected to continue through 2020 and beyond. Hospitals have not received any of the state’s allocation of federal CARES Act funding to fill this void and continue to advocate among state policymakers for this relief.
Tags: Access to Care | Public Health | State Advocacy | COVID-19
Rachel A. MooreDirector, Media RelationsPhone: (717) 561-5342
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