The pandemic has been extremely hard. It has had a devastating impact on the livelihoods of the people. With businesses being forced to close down due to the sudden drop in revenue and the pandemic showing no signs of slowing down, this was to be expected. However, it is still devastating.
According to the Bondholder documents, for Trinity Health to endure a loss of $2 billion, they had to cut jobs. The 92-hospital system is projecting operating revenues of $17.3 billion in fiscal year 2021, which begins July 1. That’s down from $19.3 billion in fiscal year 2019. Trinity hasn’t released full-year operating and financial results for fiscal 2020, which ends June 30. During the first nine months of the current fiscal year, Trinity saw revenues decline less than 1 percent year over year to $14.2 billion.
The federal grant of $600 million was still not sufficient enough for them to handle $2 billion in losses.
Trinity Health CEO Michael Slubowski, informed Beaumont Enterprise, “But when $2 billion of revenue goes away overnight, it is impossible to close the gap without making difficult cost reduction decisions, including the size of our workforce,” Mr. Slubowski wrote. “Our healing ministry must survive for the benefit of the communities we serve.”
