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.
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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.