PeaceHealth, a 10-hospital system based in Vancouver, Wash., received federal grants and loans to help offset financial losses caused by the COVID-19 pandemic, according to financial documents.
Like other health systems across the U.S., PeaceHealth took a financial hit from lower patient volume due to the pandemic.
"Beginning in mid-March, PeaceHealth experienced a slowdown in volumes," management wrote in comments on the financial results. "As the communities we serve heeded guidelines to avoid non-emergent care, both inpatient and outpatient volumes were impacted. Surgical volumes ... emergency volumes and clinic volumes have all declined."
To help offset financial damage, PeaceHealth received funds from the $175 billion in relief aid Congress has allocated to hospitals and other healthcare providers to cover expenses and lost revenues tied to the COVID-19 pandemic. The health system said it has received about $75 million in federal grants, which do not have to be repaid as long as it meets the terms and conditions of receiving the relief aid.
PeaceHealth also applied for and received approximately $297.9 million in advance Medicare payment, which must be repaid.
The health system said the grants and advance payments were received after the first quarter ended March 31.