With the novel coronavirus placing a hold on elective procedures and procedures deemed “nonessential”, the nation’s leading care clinic says they’re bleeding millions of dollars. The Mayo Clinic, based in Minnesota operating hospitals across the country, says it expects to lose a total of $900 million in revenue this year, according to the New York Times.
The clinic has already furloughed workers and cut their pay, but it hasn’t been enough. According to the Times, Mayo made a net profit of $1 billion last year.
The report states: “The future offers little relief, at least until the pandemic subsides and the economy recovers. The Mayo Clinic will have to rely more heavily on low-income patients enrolled in the Medicaid program, as others will be hesitant to travel across the country, or the world, for care. ‘It’s uncontrollable,’ said Dennis Dahlen, the clinic’s chief financial officer.”