MIDLAND, Texas — Hospitals in the Permian Basin are feeling the losses after cutting elective surgeries due to the COVID-19 pandemic.
Midland Memorial Hospital is reporting a $3 million loss in March alone.
The hospital says this has basically wiped out about three-fourths of the profit they have made this fiscal year, and they are still losing money in April.
CEO Russell Meyers expects the losses to possibly double in April, equaling $5-6 million more than what they have already lost.
Thankfully however Meyers says the hospital has been able to stay afloat thanks to the stimulus money.
"We've been fortunate in our early receipt of $3.7 million from CARES distribution. About $100 billion was assigned to hospitals around the country, the first $30 billion have been distributed and of that we received $3.7 [million]," said Meyers.
"So that's been enough to recover the losses we saw in March. We're also expecting within the next few days an advance from the Medicare program to give us some cash flow. This represents a short-term loan from Medicare that has to be paid back after 120 days."
MMH is certainly not the only one hurting.
Medical Center Hospital has reported more than $6 million in losses for March.
The hospital says it has 55 employees on furlough and has made some pay cuts in an effort to "stop the bleeding."
MCH received $5 million so far from the CARES Act.
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