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Source: https://www.thehour.com/news/article...s-16069023.php
Some of America's wealthiest hospital systems ended up even richer, thanks to federal bailouts
Jordan Rau and Christine Spolar, The Washington Post
April 1, 2021
Updated: April 1, 2021 6:30 a.m.
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 percent operating margin that would be higher than most hospitals' profits in the flushest of eras, a KHN examination of financial statements shows.
Like Baylor, some of the nation's richest hospitals and health systems recorded hundreds of millions of dollars in surpluses after accepting a substantial share of the federal health-care bailout grants, their records show. Those included the Mayo Clinic, Pittsburgh's UPMC and NYU Langone Health. But poorer hospitals - many serving rural and minority populations - got a tinier slice of the pie and limped through the year with deficits, downgrades of their bond ratings and bleak fiscal futures....
Some of America's wealthiest hospital systems ended up even richer, thanks to federal bailouts
Jordan Rau and Christine Spolar, The Washington Post
April 1, 2021
Updated: April 1, 2021 6:30 a.m.
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 percent operating margin that would be higher than most hospitals' profits in the flushest of eras, a KHN examination of financial statements shows.
Like Baylor, some of the nation's richest hospitals and health systems recorded hundreds of millions of dollars in surpluses after accepting a substantial share of the federal health-care bailout grants, their records show. Those included the Mayo Clinic, Pittsburgh's UPMC and NYU Langone Health. But poorer hospitals - many serving rural and minority populations - got a tinier slice of the pie and limped through the year with deficits, downgrades of their bond ratings and bleak fiscal futures....