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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.
Summary
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.
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