Southfield, Mich.-based Beaumont Health reported a $146.7 million net loss through the six-month period ended June 30, which is a $355.6 million drop from the same period one year prior, according to recently released financial results.
In the first half of 2020, Beaumont recorded revenue of $2.1 billion, which is a 9.5 percent decline from the $2.3 billion reported in the same period in 2019.
Beaumont said the COVID-19 pandemic has largely affected its operations and volumes. In particular, Beaumont saw its surgery volume dip 27.5 percent in the first half of 2020, compared to the same period in 2019. In addition, it saw emergency department visits fall 20 percent and inpatient discharges fall 15.9 percent year over year.
Beaumont said that surgeries, ER visits and diagnostic services have begun to recover, but they are still not at pre-COVID-19 levels. Despite still seeing lower volumes, Beaumont has been able to bring back 1,360 furloughed employees, according to the report. Beaumont had furloughed 2,475 staffers in late April.
Beaumont saw its expenses decrease year over year from $2.3 billion in the first half of 2019 to $2.2 billion in the first half of 2020.
The system ended the period with an operating loss of $48.4 million, compared to an operating gain of $76.2 million in the same period one year prior.
“The effects of the pandemic are expected to continue throughout the remainder of the year as Beaumont has cared for more COVID-19 patients than any other healthcare system in Michigan,” Beaumont said.
Access the full report here.
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