![]() Even with these actions, expenses incurred for treating patients increased an estimated $550 million compared to 2019. It also underscored the value of cross-training and retraining staff to help optimize workforce flexibility and productivity, as well as ensure clinicians, such as APRNs and PAs, are working at the top of their license and scope of practice. With workforce expenses typically about half of the total operational cost, this revenue plunge often forced furloughs, layoffs, hiring freezes, and salary and benefit reductions. In Missouri, hospitals have lost approximately $1.3 billion in operating revenue compared to 2019. Nationally, hospitals lost an estimated $200 billion between March and June of 2020. Louis Community College.Ī difficult financial situation gets even harder 7īetween the pandemic-caused cancellation of elective surgeries and procedures, and the high costs of preparing for and treating recurring waves of COVID-19 patients, financial pressures have multiplied for hospitals.
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