As net patient revenue declined, operating expenses rose 5% from 2019 to 2020, according to an analysis of financial statements from the 25 largest nonprofit health systems in the U.S.
Providers must report how they spent funding received via the CARES Act by Sept. 30, but they are still grappling with questions related to what expenses need to be reported amid shifting government guidance.
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The HHS has extended some of the deadlines for using provider relief funds and reporting on that use. Though the move is mostly positive for providers — who were clamoring for this extension — there may be some additional work required to prevent confusion.
Covid-19 may have hampered investigations and led authorities to shift resources to more obvious frauds, attorneys said. But the pandemic also created new targets to investigate, including telemedicine and CARES Act funding.
Providence posted a $221 million operating loss in the first half of 2020 due to the Covid-19 pandemic. The Washington-based health system saw patient volumes decline by 13% in the first six months.
HCA Healthcare posted a $1.07 billion profit in the second quarter, despite a dropoff in patient volumes due to the cancelation of elective procedures. A large portion of that stemmed from relief funds allocated through the CARES Act.
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Congress approved $175 billion in emergency funding for hospitals, facing the costs of treating Covid-19 patients and cancelled procedures. The Department of Health and Human Services released new data on how the first set of payments was allocated.
As providers ask Congress for additional funding, the American Hospital Association published a report showing that hospitals are expected to lose more than $200 billion in Covid-19 expenses and lost revenue.
Rural hospitals face a battle on two fronts with the Covid-19 pandemic. Many have invested funds to staff up or bring in additional beds to prepare for the pandemic. On top of that, cancelled procedures have delivered a blow to their bottom line.
Facing an outcry after HHS allocated its first $30 billion to hospitals based on Medicare claims, CMS Administrator Seema Verma said the next tranche of funding would address hospitals in Covid-19 hotspots and practices that have struggled financially after cutting elective surgeries.
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Federal Communications Commission Chairman Ajit Pai rolled out plans for a $200 million fund to help healthcare providers purchase telehealth tools to handle Covid-19. Commissioners still must approve the fund before providers can submit their proposals.