Profits for Pa. hospitals plunged during first COVID-19 wave PennLive.com 1 hr ago David Wenner, pennlive.com
Nearly 40% of Pennsylvania hospitals lost money in the 2020 fiscal year, which included the state’s first wave of COVID-19 cases. Another 18% had operating margins of 4% or less below the level hospitals say they need to make repairs and upgrades and sustain a financially healthy operation.
While COVID-19 put thousands of people in the hospital, it also triggered a state-imposed moratorium on elective surgeries, which are a major source of profit for hospitals.
Moreover, hospitals said many people put off medical care and avoided going to hospitals and doctors’ offices out of fear of coming into contact with COVID-19.