Category: CARES Act

Report: Patient revenue of largest nonprofit health systems fell 21% during Covid

CARES Act, COVID-19, Daily, discharges, finances, Health Systems, hospitals, income, length of stay, News, nonprofit, operating expenses, pandemic, patient revenue, SYN, Top Story / August 29, 2021 August 29, 2021

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 anxious about reporting requirements surrounding how they spent CARES Act funds

accounting, CARES Act, COVID-19, Daily, expenses, hospitals, lost revenue, News, pandemic, Policy, provider relief funds, Spectrum Health, SYN, Top Story / August 26, 2021 August 26, 2021

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.

Providers win deadline extension for use of CARES funds, but it may cause some confusion

CARES Act, COVID-19 PANDEMIC, Daily, deadline, funds, HHS, hospitals, Legal, News, Policy, providers, Relief, SYN, Top Story / June 15, 2021 June 15, 2021

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.

Pandemic drives $221M operating loss for Providence

CARES Act, COVID-19, Daily, hospital, hospitals, Providence, SYN, Top Story / August 19, 2020 August 19, 2020

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 posts a billion-dollar profit, bolstered by CARES Act funds

CARES Act, COVID-19, Daily, earnings, HCA Healthcare, hospitals, SYN, Top Story / July 22, 2020 July 22, 2020

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.