COVID-19 significantly hurt March finances, Temple University Health System says

Philadelphia-based Temple University Health System said the COVID-19 pandemic "significantly" affected its finances, and contributed to its $7.6 million net loss in the nine-month period ended March 31, according to unaudited financial documents.

"March 2020 results were significantly impacted by the COVID-19 pandemic, which drove decreases in patient volumes across all campuses as well as large unrealized investment losses," Temple University Health System stated. 

Temple University Health System recorded a net loss of $7.6 million in the first three quarters of this year.  This compares to a net income of $10.3 million in the same period in fiscal 2019. 

The health system saw its revenue increase to $1.6 billion through the third quarter of fiscal 2020. This compares to $1.4 billion recorded in the same period one year prior. 

However, net inpatient and outpatient service revenue dipped in the nine-month period year over year. In the nine-month period in fiscal 2020, Temple had net inpatient service revenue of $581.9 million, down from $584.7 million recorded in the same period in fiscal 2019. Its net outpatient service revenue also fell year over year, from $555.3 million in fiscal 2019, to $553.3 million in the nine-month period in fiscal 2020. 

Temple University Health System also recorded investment losses of $11.3 million in the nine-month period in fiscal 2020.

Temple University Health System also saw its expenses rise year over year, from $1.41 billion to $1.58 billion.

 

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