New Report Shows COVID’s Financial Hit on Pennsylvania Hospitals

According to a new report by the Pennsylvania Health Care Cost Containment Council (PHC4) in collaboration with The Hospital and Healthsystem Association of Pennsylvania (HAP), Pennsylvania’s hospitals lost $8.1 billion during the COVID-19 pandemic but continued to provide economic value to the state. Of the expenses and lost revenue reported, the largest expense was staffing, which amounted to $1.3 billion. The report also indicates that in fiscal year 2022, hospitals provided an economic value of $182 billion in spending, an increase of $39 billion from before the pandemic in fiscal year 2019. Read the report.