UnityPoint Health, a 21-hospital system based in West Des Moines, Iowa, has received federal grants and loans to help offset expected financial damage caused by the COVID-19 pandemic, according to bondholder documents filed April 29.
Like other health systems across the country, UnityPoint has taken a financial hit from canceling non-emergent and elective procedures to save capacity and supplies to treat COVID-19 patients. The health system said the delay of elective surgeries and procedures "have materially adversely impacted its financial condition." However, management is unable to predict the ultimate impact the COVID-19 pandemic will have on UnityPoint's financial position.
To help navigate the financial challenges, UnityPoint has received aid from the $100 billion fund for hospitals created under the Coronavirus Aid, Relief and Economic Security Act. As of April 24, the health system had received about $74.5 million in grants from the CARES Act's provider relief fund.
UnityPoint has also applied for and received about $366.7 million in advance Medicare payments, which must be repaid.