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Last May, Baylor Scott & White Health, the largest nonprofit hospital system in Texas, laid off 1,200 employees and furloughed others as it braced for the then-novel coronavirus to spread.
The cancellation of lucrative elective procedures as the hospital pivoted to treat a new and less profitable infectious disease presaged financial distress, if not ruin. The federal government rushed $454 million in relief funds to help shore up its operations.
But Baylor not only weathered the crisis, it thrived. By the end of 2020, Baylor had accumulated an $815 million surplus $20 million more than it had in 2019, creating a 7.5% operating margin that would be the envy of most hospitals in the flushest of eras, a KHN examination of financial statements shows.
Despite COVID, many wealthy hospitals had a banner year with federal bailout
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Despite COVID, many wealthy hospitals had a banner year with federal bailout
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Some of America’s wealthiest hospital systems ended up even richer, thanks to federal bailouts
The bailouts were initiated last spring to help health-care providers ride out a once-in-a-century public health calamity.
By Jordan Rau and Christine SpolarSpecial To The Washington Post
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Last May, Baylor Scott & White Health, the largest nonprofit hospital system in Texas, laid off 1,200 employees and furloughed others as it braced for the then-novel coronavirus to spread. The cancellation of lucrative elective procedures as the hospital pivoted to treat a new and less profitable infectious disease presaged financial distress, if not ruin. The federal government rushed $454 million in relief funds to help shore up its operations.