ST. LOUIS — St. Louis-based health system Ascension reported that it lost more than $1 billion during its fiscal 2020, harmed by virus shutdowns that stopped elective procedures and caused investment losses.
The 150-hospital system reported revenue of $25.3 billion in the fiscal year ended June 30, essentially flat from fiscal 2019. But it operated with a net income of $1.2 billion in fiscal 2019.
"COVID-19 has been encountered across all Ascension markets, to varying degrees, and has had a negative impact on the System's revenues and operating margin," Ascension said. It said that in mid-March, it halted all elective, "nonessential" medical and surgical procedures to prepare for a surge of virus patients.
"A majority of the United States' population was subject to voluntary or involuntary shelter-in-place mandates contributing to the System's volume reductions, including emergency room and physician office visits unrelated to COVID-19," it continued. "The System's operations returned to levels below pre-pandemic volumes during the fourth quarter ending June, 30, 2020."
Ascension said patient discharges in June totaled 90% of those in June 2019. Total outpatient visits for fiscal 2020, though, declined 6.8% compared with fiscal 2019.
The $1.04 billion loss included a non-operating loss of $327 million and a loss from recurring operations of $465 million.
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