Forgiveness for the Front Lines
Our hospital workers are on the front lines saving America. Loan forgiveness for our hospitals is essential for America's recovery.
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Why Medicare Loan Forgiveness is Needed Now
An American Hospital Association report estimates a total four-month financial impact of $202.6 billion in losses for America’s hospitals and health systems, or an average of $50.7 billion per month.
All hospitals with over 100 beds are losing a combined $1.44 billion every day.
Up to 100 hospitals could close before the end of the year due to financial impacts of COVID-19.
Analysis of 2 Million Patient Encounters Reveals U.S. Hospitals are Losing $60 Billion per Month; Uninsured Patients Up 114% During COVID-19 Pandemic. The analysis by Strata Decision Technology showed there was an average 54.5% decrease in the number of unique patients who sought care in a hospital setting.
Hospitals are facing their most severe economic crisis in more than 50 years.
An investigation by USA Today cites the main source of falling financials for hospitals is due to the restrictions on procedures and testing which is millions of dollars’ worth of revenue taken off the books from the schedules of already financially strapped facilities.
These losses are causing significant stress on our health system, even while COVID-19 costs are increasing. This trend is expected to continue after demand surge and transition over the next 12-18 months.
The CARES Act allows the HHS Provider Relief Fund to pay for all COVID-19 related costs – including lost revenue – yet the $175 billion is insufficient to cover all lost revenue and COVID-19 costs.
Hospitals and other health care providers have already accessed the CARES Act Medicare Loan fund to bridge losses, drawing $101 billion in total.
Just as hospitals get back to full service in the fall, loan repayments withheld by CMS will send hospitals into critical condition – damaging overall economic recovery.
Many state and local economies and employers count on hospitals as partners in economic recovery. We must protect our hospitals. A Main Street recovery helps President Trump lead the U.S. recovery.
Loan forgiveness will be a critical economic tool, like liquidity reserves to speed up recovery.
Contact your representative and call for relief for our hospitals.