In this Monday, July 2, 2012 photo people walk near the entrance of Massachusetts General Hospital in Boston. MGH was named Tuesday, July 17 2012 as the nation’s top hospital in U.S. News and World Report’s annual list. MGH, which held the No. 2 spot last year, displaced Johns Hopkins in Baltimore, which had been at the top for 21 consecutive years. (AP Photo/Steven Senne)
Mass General Brigham expects to lose $400M per month due to the coronavirus shutdown. The health network's CFO said even in the first quarter, which included just the start of the pandemic, the system suffered a massive operating loss. It expects to lose $400 million a month for the coming quarter.
The system formerly known as Partners HealthCare reported a $178 million operating loss on $3.43 billion in revenue in the second quarter of its fiscal 2020, which ended in March. That compared with a $107 million operating income on $3.4 billion in revenue in the fiscal second quarter of 2019.
Though the coronavirus pandemic only started to impact the hospital at the tail end of the quarter — largely after the Baker administration shut down elective procedures on March 18 — the effect was massive: In March alone, net patient service revenue was off by $140 million, half of expected levels. Supply shortages and supply-chain issues ballooned supply costs by $100 million for the quarter — a 13% increase from the same period last year.
