SEM - Health care establishments to receive over $25 billion in COVID-19 relief funds

Healthcare organizations are set to receive $25 billion in COVID-19 relief from the funds allocated by Congress last year to cover losses from the pandemic, The Wall Street Journal reports. In several spending bills, Congress had granted $187 billion funding for hospitals to offset the losses from the pandemic, which has hurt the demand for elective procedures with a concurrent increase in costs related to labor, drugs, and certain services such as sterilization. While a portion of that remained unallocated, urged in recent weeks, the lawmakers from both sides of the aisle for a rapid disposal of the remainder of the funds given the financial distress caused by the pandemic’s resurgence on many hospitals. Read: Hospital stocks came under pressure in early August when Texas governor Greg Abbott urged hospital operators to consider postponing certain elective procedures to accommodate the surge in COVID-19 hospitalizations. Major healthcare providers: HCA Healthcare (NYSE:HCA), Community Health Systems (NYSE:CYH),

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Health care establishments to receive over $25 billion in COVID-19 relief funds