Average patient volume at hospitals with more than 100 beds declined 56% from March to mid-April, according to a new Crowe LLP report.
Outside of New York City and San Francisco, hospitals across the country are losing approximately $1.4 billion in net revenue per day due to the ongoing coronavirus disease 2019 (COVID-19) outbreak, according to a Crowe LLP report released Friday morning.
The analysis estimated that the national net revenue at hospitals with more than 100 beds has declined $1.44 billion per day during the pandemic.
Additionally, the average patient volume at these hospitals has declined 56% from the beginning of March to mid-April.
The report pointed to five service metrics that have suffered significant declines over the past two months.
Compared to the datasets from January 2020, inpatient admissions are down 30%, emergency room visits slid 40%, observation services fell 47%, outpatient ancillary services dropped 62%, and outpatient surgery volume collapsed 71%.
The report is the latest insight into the financial burden faced by hospitals and health systems as a result of the global pandemic.
"Hospitals and governments prepared for a surge in patient volume to treat those infected with the novel coronavirus," Brian Sanderson, managing principal of healthcare services at Crowe, said in a statement. "However, any possible surges that might have been expected due to COVID-19 patient volume appear to be dramatically offset by a significant decline in volume in all other areas."
According to the report, several states have experienced patient volume declines at hospitals, even if a surge of COVID-19 activity has not yet occurred.
Florida's overall patient volume fell 47%, California has seen its patient volume drop 50%, Texas' patient volume is down 56%, and Illinois' patient volume has declined 59%.
The report indicated that hospitals would face financial challenges going forward, estimating that the average hospital will "need to run at 110% of previous capacity for six months straight" to recoup lost revenue.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.