Lifespan a non-profit health system experienced a devastating $32.7 million loss due to COVID-19. According to the Bondholder documents, the patient volume dropped by 31 percent and that resulted in this enormous loss. With the help of federal grants, they were able to bring down the loss to $6.5 million.
They have begun refocusing on nonoperating items and they were able to bring the income upto $4.8million. However it is clear that for Lifespan and many other businesses more tough times are ahead and the challenges seem to be increasing as this pandemic drags on.
Lifespan President and CEO Timothy Babineau, MD, said this in an emailed statement to the Providence Journal. “However, it is quite clear that additional federal and state financial assistance will be absolutely necessary for us to continue to provide the vital healthcare services upon which the state relies during this prolonged recovery period.”
