Revenue Shortfall Expected In Maryland Hospitals (BBJ Story)
Maryland's hospitals could face a collective revenue shortfall of $1 billion in the three-month period from April through June because of the cancellation of elective and non-urgent surgeries and procedures, according to the Maryland Hospital Association.
The massive financial hit is largely attributable to hospital patient volumes being down approximately 30% across the state during the coronavirus pandemic. Hundreds of procedures that are typically revenue drivers for the hospitals have been postponed in a collective effort to increase safety and free up beds at statewide facilities, in preparation for an expected surge in COVID-19 patients.
Hospitals are also shouldering major costs associated with expanding coronavirus-related resources ahead of the surge, the MHA noted. Many facilities are converting entire floors of hospitals and even some non-hospital spaces to make room for thousands of emergency beds.