Banner Well being generates $4.7B within the first half of the yr because it combats quantity declines as a result of COVID-19

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Banner Well being generated $4.7 billion within the first half of the yr because the hospital system tried to blunt the impression of COVID-19.

The 28-hospital system reported Friday that it generated $4.7 billion within the first half of the yr in contrast with $4.6 billion in the identical interval in 2019.

However the system’s bills grew to $4.6 billion in contrast with $4.5 billion the yr earlier than because the system confronted new prices for provides.

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General, Banner Well being generated $109 million in working revenue within the first half, barely down from the $111,802 within the first half of 2019.

RELATED: Advocate Aurora, Banner be a part of well being methods shopping for stake in PPE maker to enhance provide chain

Banner has been hit onerous by funding losses within the first half. The system, which has a big footprint in COVID-19 sizzling spot Arizona, posted a $216,160 loss on investments after producing $411,835 within the first half of 2019.

The system additionally reported $3.Four billion in web affected person income, a decline from $3.5 billion in the identical interval.

Like different main hospital methods, Banner Well being obtained cash from a $175 billion supplier reduction fund handed by Congress as a part of the CARES Act.

RELATED: Hospitals in new COVID-19 sizzling spots face delicate balancing act with elective surgical procedures

Banner Well being stated it obtained $307 million in stimulus funding to cowl misplaced income or unreimbursed care from the reduction funding.

About $210 million of that funding was counted as working income for the primary six months of the yr.

Banner additionally obtained $609 million out of the Medicare Advance and Accelerated Cost program, however that funding is a mortgage Banner should pay again.

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