More than $1B in bailout funds go to CHS, HCA and UHS

Community Health Systems, HCA Healthcare and Universal Health Services received a total of more than $1 billion from the $100 billion emergency relief fund for healthcare providers created under the Coronavirus Aid, Relief and Economic Security Act. 

The three for-profit hospital operators disclosed the grants during their first quarter earnings calls. Each company also received advance Medicare payments to help offset the financial impact of COVID-19. The advance payments are loans that must be repaid, while the grants do not require repayment. 

Here is a breakdown of the grants and advance payments each company had received at the time of their earnings call: 

Community Health Systems (Franklin, Tenn.)
CARES Act grants: $245 million
Medicare advance payments: $1.2 billion 

During CHS' earnings call on April 29, Executive Vice President and CFO Kevin Hammons said the company has ample liquidity to get through the COVID-19 crisis due to the CARES Act grants, proceeds from hospital divestitures, current cash on hand and additional borrowing capacity under its asset based loan. Read more about CHS' financial results here

HCA Healthcare (Nashville, Tenn.)
CARES Act grants: $700 million
Medicare advance payments: $4 billion 

During HCA's earnings call on April 21, Executive Vice President and CFO Bill Rutherford said HCA's cash position is strong due to several factors, including the CARES Act grants, accelerated Medicare payments, adjustments to capital spending and suspension of the company's share repurchase program. Read more about HCA's financial results here

Universal Health Services (King of Prussia, Pa.)
CARES Act grants: $195 million
Medicare advance payments: $375 million 

During UHS' earnings call on April 28, Executive Vice President and CFO Steve Filton said the grants the company has received are from the first two tranches of CARES Act funding. He said the company is hoping to receive additional advance payments from Medicare. Read more about UHS' financial results here

More articles on healthcare finance:
Cash crunch from COVID-19 could force 100 hospitals to close
HHS unveils plan to deliver $40B in COVID-19 aid to hospitals
Mayo Clinic receives $1B in grants, loans

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