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Measuring the COVID-19 Financial Threat to Hospital Markets
Anthony W Orlando1, Robert I Field2,3
1Finance, Real Estate, & Law, College of Business Administration, 6647California State Polytechnic University, Pomona, CA, USA.
Insights
Hospital financial strain from COVID-19 disproportionately affects vulnerable markets. A new risk measure highlights areas with high poverty and diverse populations, revealing persistent financial vulnerabilities for future health crises.
Area of Science:
- Health Economics
- Public Health
- Healthcare Management
Background:
- Hospitals faced significant financial stress treating COVID-19 patients.
- Financial strain was most severe in markets with high debt and uncompensated care burdens.
Purpose of the Study:
- To develop a novel measure of hospital market financial risk.
- To combine pre-existing financial vulnerability with COVID-19 severity.
Main Methods:
- Proposed a new composite measure for financial risk assessment.
- Analyzed hospital market data, incorporating socioeconomic and demographic factors.
Main Results:
- Identified high financial risk concentrations in counties characterized by high poverty, low population density, and significant foreign-born and non-White populations.
- The CARES Act Provider Relief Fund provided temporary relief but did not resolve underlying vulnerabilities.
Conclusions:
- The developed financial risk measure effectively identifies vulnerable hospital markets.
- Persistent financial vulnerabilities remain in critical regions, posing risks for future public health emergencies.
Abstract:
Many hospitals have been straining under the financial stress of treating COVID-19 patients. Those experiencing the greatest strain are in markets burdened with high levels of debt and uncompensated care. We propose a new measure of financial risk in a hospital market, combining both pre-existing financial vulnerability and COVID-19 severity. It reveals the highest concentrations of risk in counties with high poverty, low population density, and high shares of foreign-born and non-White populations. The CARES Act Provider Relief Fund helped many of the hospitals in these regions, but it left many markets with the same overall vulnerability to financial strain from the next health crisis.
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