North Country hospitals see financial hit from pandemic
PLATTSBURGH, N.Y. (WCAX) - Two North Country hospitals have taken a major financial hit from the pandemic.
The Alice Hyde Medical Center in Malone and the Champlain Valley Physicians Hospital in Plattsburgh are reporting a loss of more than $4 million for the first quarter of 2021.
CVPH says this is a trend in hospitals all across the state and within the UVM Health Network.
The loss mostly stems from the pandemic, though CVPH was facing financial problems prior to last March.
The hospital says its revenues come from insurance companies or copays when people visit the hospital. Many hospitals have performed fewer procedures during the pandemic.
CVPH said its numbers were on the rise before the second wave of COVID-19 surged in the fall and winter of last year and it’s going to be tough to make that money back.
“Our role and responsibility is to make sure that the services we have, match the need in the community. So, what we have in terms of size of this organization, the number of people we employ, all of that has to match the revenue, and the revenue is driven by the need of community,” explained Chris Hickey, the CFO of CVPH.
So far, CVPH has received $32 million in stimulus funds and hopes to see more from the federal government if it wants to get back on track.
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