The majority of Montgomery County hospitals saw their revenue and margins fall sharply during the coronavirus pandemic, write Paul J. Gough and Ryan Sharrow for the Philadelphia Business Journal.
A new report by the Pennsylvania Health Care Cost Containment Council looked at overall operating margins for hospitals throughout the state in the year ended June 30, 2019, compared to 2020. This concluded that many of the hospitals will face “serious financial challenges” in the pandemic’s wake.
Pottstown Hospital – which is part of financially troubled Tower Health – suffered the highest loss in the region in its operating margin at 71.4 percent.
Suburban Community Hospital in Norristown and Abington Hospital did not suffer such drastic drops but were still high at 17.7 percent and 12.7 percent, respectively.
Meanwhile, Bryn Mawr Hospital and Lankenau Medical Center in Wynnewood recorded even lower drops in operating margins at 7.1 percent and 3.9 percent, respectively.
“Our hospital community and workforce have sacrificed so much in the wake of extreme challenges, and we see in this analysis just how long of a journey we have to rebuild,” said Andy Carter, The Hospital and Healthsystem Association of Pennsylvania CEO.
Read more about the report and Montgomery County Hospitals in the Philadelphia Business Journal.