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MVHS may lose up to $31 million as coronavirus attacks hospital revenues

The coronavirus could threaten the paychecks of the very frontline healthcare workers caring for the sick. Hospitals nationwide have had to furlough workers, in order to deal with a lack of elective surgeries, and subsequent loss of millions of dollars.

Posted: Apr 14, 2020 5:42 PM
Updated: Apr 14, 2020 6:01 PM

UTICA, N.Y. -- The coronavirus could threaten the paychecks of the very frontline healthcare workers caring for the sick. Hospitals nationwide have had to furlough workers, in order to deal with a lack of elective surgeries, and subsequent loss of millions of dollars.

"Since the beginning of March through the end of May, we are projecting that we could lose up to $31 million," says MVHS President and CEO, Darlene Stromstad. "Our expenses are $48 million a month and when you don't have the volume to support your overhead, you immediately take a hit, so for us, our hit projected from the end of March to the end of May is $31 million."

In addition to the loss of revenue due to the suspension of election surgeries and procedures, MVHS spent $2.6 million on equipment and other related expenses to prepare for a surge in non-local coronavirus patients that that never came.

"We have stepped forward and said 'if you need to send us 15 patients here and 15 patients there, we would step up and take them' but that hasn't seemed necessary," said Stromstad. "They have not come to us for volunteers, either, and we have offered that."

MVHS received $9 million from the federal government on Thursday. While they're grateful for the much-needed infusion, Stromstad points out-it's less than two weeks of the health system's expenses. Unpleasant choices lie ahead.

"We don't want to go to the layoffs. We certainly might have to do some furloughs, like so many other hospitals in this part of NY," said Stromstad.

Stromstad says the hospital is trying to make adjustments where they can, in order to deal with the loss in revenue from the suspension of elective surgeries. When she reflects on the MVHS workforce, it's with pride.

"Really i think together we mitigated what could have been a catastrophe for our community. And I think we're struggling with making those improvements now to what our future is but we are really proud of this community and we're really proud of ourselves."

New York Coronavirus Cases

County data is updated nightly.

Cases: 2769624

Reported Deaths: 57725
CountyCasesDeaths
Kings35194510985
Queens32876810428
Suffolk2593403697
Nassau2291983338
Bronx2142426810
New York1785074667
Westchester1494462357
Erie1283712079
Monroe1001491259
Richmond934401975
Orange63182944
Onondaga60869824
Rockland55960783
Dutchess38515513
Albany35159419
Oneida33993651
Niagara29625425
Broome28853437
Saratoga25582228
Schenectady19780248
Ulster19468293
Rensselaer17938197
Chautauqua15521197
Oswego14611138
Putnam13335101
St. Lawrence13331146
Chemung13197176
Steuben12958194
Ontario12079121
Jefferson11736108
Wayne10658105
Cattaraugus10337165
Cayuga9951114
Sullivan990390
Genesee8949146
Herkimer8587145
Clinton834948
Fulton8040115
Tompkins762561
Warren762198
Madison7614109
Livingston745977
Montgomery7406163
Washington698982
Tioga654874
Cortland619489
Allegany6191123
Columbia5880115
Orleans573096
Chenango572797
Franklin563027
Otsego557466
Wyoming551569
Greene507890
Delaware462553
Lewis431640
Seneca340069
Essex307338
Schoharie281624
Yates206134
Schuyler200720
Hamilton5253
Unassigned1482
Out of NY0340
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