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.
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.
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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.
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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.