The finances of Massachusetts hospitals are taking a hard hit during the pandemic.
The state’s hospitals are currently losing $1.4 billion in revenue each month and are projected to lose $5 billion in revenue through July, according to the Massachusetts Health & Hospital Association, The Boston Globe reported.
The downturn is being caused by the cancellation of elective and non-critical surgeries and a drop in non-coronavirus visits.
“The financial impact of COVID-19 is unlike anything that we’ve ever seen,” said Dr. Kevin Tabb, chief executive of Beth Israel Lahey Health, the state’s second-largest hospital network.
He and other hospital leaders said their revenue and patient numbers have fallen to less than half of what they were before the pandemic.
Even though Massachusetts hospitals have received about $1 billion from the federal CARES Act, it won’t cover all the losses, industry leaders said.