Our Lady Health System anticipating $120 million net revenue loss during pandemic
April 20, 2020
BATON ROUGE – The Franciscan Missionaries of Our Lady Health System is anticipating a $120 million net revenue loss during the months of March and April 2020.
Our Lady Health System representatives say they’ve put most of their resources into treating COVID-19, and have lost revenue by suspending non-urgent diagnostic and surgical procedures as well as clinical visits.
In March, FMOLHS started reducing hours for certain employees to match reduced volumes, made salary reductions, and postponed expenditures where possible.
According to President and CEO Dr. Richard R. Vaith, the health system is still in good financial standing.
Similar to many healthcare organizations, FMOLHS has received $40 million from the federal CARES Act.