Report looks at economic outlook for health care, other sectors

Jan 11, 2021 - 02:45 PM
financial-data-healthcare-cost

The U.S. Chamber of Commerce today released a compilation of perspectives on the economic impact of the COVID-19 pandemic on various sectors and the outlook for 2021.

AHA President and CEO Rick Pollack and Federation of American Hospitals President and CEO Chip Kahn contributed to the health care section, noting that reports released in May and June projected at least $323.1 billion in financial losses for hospitals and health systems through 2020.

“The $178 billion in the CARES Act Provider Relief Fund falls far short of covering these losses – and hospitals and health systems only received a little more than half the $124 billion in funding released by HHS so far,” they note. “… As we enter 2021 with spiking COVID-19 infections and hospitalizations across the country, the long-term impacts of the COVID-19 pandemic on hospitals, health systems and the communities they serve are difficult to project, but it is already clear they will be severe.”

Related News Articles

Headline
White House announces tariffs on goods imported from Canada, Mexico, China
The White House Feb. 1 announced it placed tariffs on imported goods from Canada, Mexico and China. The tariffs for Mexico and Canada have since been delayed…
Headline
Administration rescinds memo pausing federal grants, loans and other financial assistance programs
The White House Office of Management and Budget Jan. 29 rescinded a memo it issued two days earlier directing federal agencies to temporarily pause federal…
Headline
Report: Hospitals and health systems stabilized in 2024 but continue to face distress
A report released Jan. 9 by Kaufman Hall highlights hospital and health system merger and acquisition activity from last year.  The report said that…
Headline
CMS: National health spending increased 7.5% in 2023
The U.S. spent $4.9 trillion on health care in 2023 — a 7.5% increase from 2022 — the Centers for Medicare & Medicaid Services reported Dec. 18 in Health…
Headline
CMS estimates national health spending grew 7.5% in 2023
The Centers for Medicare & Medicaid Services estimates national health spending grew 7.5% in 2023, reflecting increases in insurance growth, the agency…
Headline
AHA blog pushes back on report on nonprofit hospitals
The Committee for a Responsible Federal Budget is supposedly committed to being “an authoritative voice for fiscal responsibility,” which is why it’s so “…