Becker's Hospital Review

14 CFO / FINANCE HFAP provides: • Trusted, recognized accreditation for hospitals with or without Medicare deemed status. • Accreditation for clinical laboratories. • Certification for Stroke, Joint Replacement, and Wound Care programs and Compounding Pharmacies. • Responsive, accessible, cost-effective customer support. LEARN MORE: WWW.HFAP.ORG CONTACT US: 312.920.7383 INFO@HFAP.ORG CELEBRATING 75 YEARS OF EXCELLENCE OF HOSPITAL ACCREDITATION US hospitals losing $1.4B in revenue per day By Ayla Ellison H ospitals across the U.S. are losing more than $1 bil- lion in daily revenue as they experience significant declines in patient volume during the COVID-19 pandemic, according to a May 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 pa- tient volume decline an average of 56 percent between March 1 and April 15. As a result, net revenue at hos- pitals 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 vis- its dropped 40 percent and outpatient surgery volume plummeted 71 percent compared to January. "Hospitals and governments prepared for a surge in pa- tient volume to treat those infected with the novel coro- navirus," Brian Sanderson, managing principal of health- care 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 sig- nificant decline in volume in all other areas." n HCA extends exec pay cuts By Ayla Ellison N ashville, Tenn.-based HCA Health- care's executive team had their pay cuts extended through June 30, ac- cording to a filing with the Securities and Exchange Commission. In March, HCA announced several actions it was taking to help support the company and its workers during the COVID-19 pan- demic. HCA CEO Sam Hazen said he would donate 100 percent of his pay in April and May to the HCA Hope Fund, a charity that provides assistance to employees with proven financial needs, and other execu- tive officers took a 30 percent pay cut. In a March 31 letter to employees, Mr. Hazen wrote the executive pay cuts would likely be in effect until the pandemic passes. n Jefferson Health, Temple call off cancer center deal By Maia Anderson T homas Jefferson University will no longer purchase the Fox Chase Cancer Center from Temple University due to the "devastating economic impact of COVID-19." e two Philadelphia-based institutions had announced they reached a deal in July 2019 for omas Jefferson University to acquire the cancer center from Temple aer six months of negotiating. But due to the financial impact of COVID-19, both parties agreed to terminate the deal, according to a news release from Jefferson Health. Stephen Klasko, MD, CEO of Jefferson Health, said the deal is a "casualty of COVID-19." "Because of the tremendous impact that the virus has had on our operations, Jefferson must focus entirely on providing patient care and safety, student education and safety, and for the well-being of our dedicated employees," Dr. Klasko said. Richard Englert, president of Temple University, said: "ere is no question that but for the catastrophic economic impact of the virus, both institutions were prepared to move forward to complete this transaction. We fully understand and accept this real- ity, and we look forward to identifying new ways for our institutions to work together in the future to better serve our community." n

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