“While this decision to retain our caregivers did increase pressure on our financial health, we as a senior leadership team — with the endorsement of our board of trustees — felt that was the right thing to do,” Mr. Dickson wrote in a staff memo obtained by the Business Journal.
In the first six months of fiscal year 2020, UMass Memorial saw a loss of $28 million, and Mr. Dickson anticipates the second half of the year will bring an even bigger loss due to the lack of elective procedures in April and May, according to MassLive.
While the health system has received some federal financial aid, it did not receive enough to cover the losses incurred as a result of the pandemic. However, Mr. Dickson said that moves made to sell its pharmacy business last summer helped the system have extra cash on hand.
Read the full Business Journal article here.
More articles on healthcare finance:
9 health systems with strong finances
Christus Health records $81.6M loss in first 3 quarters of FY 2020
‘We are planning for a new normal’: Providence Oregon to furlough staff, cut exec pay
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
