NYC Health + Hospitals warns of cash crunch without federal funds

Alia Paavola -

New York City Health + Hospitals is warning that it will face a cash crunch this month without additional federal funding, according to The Wall Street Journal. 

The 11-hospital safety-net system has about 18 days of cash on hand, according to the report. Its cash on hand has been dwindling as the system has been losing roughly $20 million a week in revenue since about mid-March, when elective procedures were suspended to help address the COVID-19 pandemic.

New York City Health + Hospitals said the expected cost of treating COVID-19 patients, including costs for equipment, staffing and supplies, will reach $1.1 billion.

"Where it's going to get difficult for us is now we gotta pay those bills," John Ulberg, CFO of New York City Health + Hospitals, told the WSJ.

The hospital system said it has received $824 million in federal relief funding so far, and it hopes to secure additional funding that HHS is giving to safety-net hospitals that have already received funds. 

New York City Health + Hospitals told the WSJ it will hold off on making cuts or layoffs until it understands how much federal funding it will receive. 

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