PREVIOUS COVERAGE: Dayton Children’s buys property for $999K
The hospital stated that the COVID-19 pandemic “presented us, like many other organizations, with tremendous challenges. Similar to other hospitals and health systems, we have experienced a large drop in revenue. Given the uncertainty the pandemic presents, as well as our ongoing commitment to cost effectiveness, it was necessary for us to enact a targeted reduction in workforce in conjunction with other cost savings measures.”
“While these are very difficult decisions to make, as we deeply value each of our team members, they enable us to navigate these unprecedented times and position the hospital to continue to provide the highest quality pediatric health care to our region’s children,” the hospital stated.
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Ohio Hospital Association reported that from a state perspective, from the March 9 declaration of the public health emergency, to the May 1 restart of some elective procedures, Ohio hospitals had $2.38 billion in lost revenue and unanticipated emergency expenses.
“As elective procedures continue their gradual phase-in, OHA estimates hospitals continue to lose $6 million in revenue per day due to low patient volumes and decreased hospital utilization. To date, the total financial impact on Ohio hospitals is $3.30 billion,” John Palmer, spokesman for Ohio Hospital Association, said in an email.
He said Ohio hospitals have received $1.93 billion in total CARES Act funding from both the provider relief fund and delayed cuts to Medicaid disproportionate share funding.
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