Mass General Brigham: COVID-19 costing us $400m a month

Hospital system reports $1.6b quarterly loss

MASS GENERAL BRIGHAM said COVID-19 is costing the hospital system about $400 million a month in lost patient revenue, which contributed to an operating loss of $178 million for the three-month period ending March 31.

“The duration of the projected revenue loss will depend on many factors, including the resumption of elective procedures, the effect of the economic downturn on demand for services and payer mix, and the extent of federal and state advances and grants as well as the health care industry’s ability to continue to convince patients that it is safe to return for non-COVID care,” the hospital system said in an earnings report.

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Bruce Mohl

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About Bruce Mohl

Bruce Mohl is the editor of CommonWealth magazine. Bruce came to CommonWealth from the Boston Globe, where he spent nearly 30 years in a wide variety of positions covering business and politics. He covered the Massachusetts State House and served as the Globe’s State House bureau chief in the late 1980s. He also reported for the Globe’s Spotlight Team, winning a Loeb award in 1992 for coverage of conflicts of interest in the state’s pension system. He served as the Globe’s political editor in 1994 and went on to cover consumer issues for the newspaper. At CommonWealth, Bruce helped launch the magazine’s website and has written about a wide range of issues with a special focus on politics, tax policy, energy, and gambling. Bruce is a graduate of Ohio Wesleyan University and the Fletcher School of Law and Diplomacy at Tufts University. He lives in Dorchester.

About Bruce Mohl

Bruce Mohl is the editor of CommonWealth magazine. Bruce came to CommonWealth from the Boston Globe, where he spent nearly 30 years in a wide variety of positions covering business and politics. He covered the Massachusetts State House and served as the Globe’s State House bureau chief in the late 1980s. He also reported for the Globe’s Spotlight Team, winning a Loeb award in 1992 for coverage of conflicts of interest in the state’s pension system. He served as the Globe’s political editor in 1994 and went on to cover consumer issues for the newspaper. At CommonWealth, Bruce helped launch the magazine’s website and has written about a wide range of issues with a special focus on politics, tax policy, energy, and gambling. Bruce is a graduate of Ohio Wesleyan University and the Fletcher School of Law and Diplomacy at Tufts University. He lives in Dorchester.

The hospital reported an overall loss of $1.6 billion for the three-month period, with $1.1 billion coming from lackluster investment performance. During the same quarter in 2019, the hospital system reported an overall gain of $623 million and a $107 million gain from operations.

Mass General Brigham, the new name for Partners Healthcare, said it is responding to the financial downturn by cutting capital expenditures by $550 million, or 50 percent, and imposing an administrative hiring freeze.