Budgeting
For the next three years, every borough except Staten Island is expected to have an increase in spending.
Hospital margins could sink to a median as low as -7% by year's end, and half of all hospitals may be in the red.
Executives spoke about navigating through the pandemic during the Healthcare Financial Management Association Digital Annual Conference.
From consolidation to divestiture of assets, standalone hospitals will need a strategic plan to emerge from the pandemic intact.
Healthcare and social assistance has so far received $67.4 billion of the $521 billion distributed by the program.
The CARES Act and the resumption of elective procedures have helped, but they're still baby steps on the road to recovery.
The coronavirus is mainly affecting the credit outlook for the rest of the year and beyond as hospitals adapt to new financial realities.
The cancellation of elective procedures and low patient volume are the main culprits, while analysts anticipate a modest rebound.
While volume and revenues plummeted to historic levels, expenses remained nearly flat, putting pressure on hospitals as the coronavirus spreads.
The stimulus and emergency response funding will blunt some of the losses, but hospitals won't be fully compensated, Moody's found.