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Despite COVID, many wealthy hospitals had a banner year with federal bailout
The recipient of $338 million, Mayo Clinic ended the year with revenue that was $202 million higher than in 2019. Mayo recorded a $728 million surplus, which equaled a 5.2% margin. Other health systems, such as NewYork-Presbyterian Hospital and CommonSpirit Health, lost money despite federal grants in the vicinity of a billion dollars each.
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Jordan Rau and Christine Spolar / Kaiser Health News | 10:10 am, Apr. 5, 2021 ×
A banner reading “Ranked #1 in the Nation” is displayed in Annenberg Plaza on Monday, July 26, 2020, at Mayo Clinic in downtown Rochester. (Traci Westcott / twestcott@postbulletin.com)
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 t
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.
Despite COVID-19, many wealthy hospitals nationally had a banner year thanks to federal bailout
Updated Apr 06, 2021;
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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 other hospitals in the flushest of eras, a KHN examination of financial statements shows.