11/18/2021- 9:12 p.m.
US hospitals face financial RUIN as federal aid for Covid relief dries up
Billions of dollars of aid that flowed into US medical facilities is set to dry up, as the pandemic winds down, leaving many institutions wondering how they will survive without the influx of cash. (Bloomberg)
“We will see a significant number of failures post-pandemic,” said the head of a health care advisory firm. “All the risks are pointing to probably a tough 18 months.”
Over three dozen hospitals closed their doors in 2020, compared with just two this year. Post-pandemic labor and material costs are expected to rise chiseling profits down from 3% to just a minuscule 1.5% per year, a Fitch Ratings director said.
