A new report suggests hospitals and health systems in the state are struggling financially due to COVID-19. Minnesota Hospital Association President Raul Koranne says they analyzed the financial data from 2020:
“And while we know that the hospitals their operating margins have been declining for the last three years, in 2020 directly as a result of the pandemic the margins crashed to a mere one-point-two percent.”
The report shows 33 Minnesota hospitals and health systems reported losses in 2020. Koranne says workforce costs went up, Medicaid and Medicaid payments went down, and many surgeries and procedures were cancelled.