Last year is shaping up to be the worst year ever for the finances of US nonprofit hospitals — and 2023 isn’t looking much better, according to Fitch Ratings.
“2023 is going to be the make-or-break year” for stemming financial declines, senior director Kevin Holloran said during a presentation on the challenges facing nonprofit hospitals.
Those trials include labor costs and shortages, inflation, a higher cost of capital, investment losses and the end of billions in federal pandemic funds, Bloomberg reports. While the need for expensive traveling nurses has declined, basic wages have jumped. Read more.
