US hospitals losing $1.4B in revenue per day

Hospitals across the U.S. are losing more than $1 billion in daily revenue as they experience significant declines in patient volume during the COVID-19 pandemic, according to a report from Crowe, a public accounting, consulting and technology company. 

With the exception of those in San Francisco and New York City, health systems across the country saw patient volume decline an average of 56 percent between March 1 and April 15. As a result, net revenue at hospitals with more than 100 beds dropped roughly $1.44 billion per day, according to the report. 

The report, released May 1, said inpatient admissions are down more than 30 percent, emergency room visits dropped 40 percent and outpatient surgery volume plummeted 71 percent, compared to January. 

"Hospitals and governments prepared for a surge in patient volume to treat those infected with the novel coronavirus," Brian Sanderson, managing principal of healthcare services at Crowe, said. "However, any possible surges that might have been expected due to COVID-19 patient volume appear to be dramatically offset by a significant decline in volume in all other areas."

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