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Despite Covid, Many Wealthy Hospitals Had a Banner Year With Federal Bailout

Some of the nation’s richest hospitals and health systems recorded hundreds of millions of dollars in surpluses after accepting the lion’s share of the federal health care bailout grants, their records show. Those included the Mayo Clinic, Pittsburgh’s UPMC and NYU Langone Health. But poorer hospitals — many serving rural and minority populations — got a tinier slice of the pie and limped through the year with deficits, downgrades of their bond ratings and bleak fiscal futures. More

‘It was nuts. It was exhilarating’: How a punishing year transformed Mayo Clinic

This echoes a national trend healthcare institutions have seen this year, said Dr. Vikas Saini, president of the Lown Institute, a nonpartisan healthcare-focused think tank.

“When you get this type of a massive crisis, quite often, the old kind of leadership models and chains of command have to get disrupted. Because if you have to move quickly, there's a lot of native intelligence in the rank and file or on the front lines,” Saini said. “Crises like this kind of allow some of that knowledge, which is practical knowledge, to be made available.”

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