Intermountain Healthcare revenue down $435 million March thru May

Although Intermountain Healthcare has avoided layoffs and large reductions in pay, Utah’s largest hospital system still lost $435 million in revenues from March through May, according to a report from the American Hospital Association.

The association reports that the nation’s hospitals and health systems have lost an average of $50.7 billion each month since March.

Intermountain Healthcare’s losses are due a 47 percent reduction in surgeries, a 26 percent decline in emergency room visits; 20 percent fewer inpatient admissions and 31 percent fewer clinic visits, Intermountain officials report. But even after non-critical surgeries were able to resume in May and most workers returned to their regular duties, hospitals are continuing to see fewer patients.

To address decreased revenue, Intermountain officials announced that they are pausing 401(k) plan contribution matches for employees for at least the second half of this year. Take-home pay, however, will not change.

When employees voluntarily leave the company, Intermountain is only filling their positions if they are considered critical to care, according to officials. The system is also examining planned major capital expenditures, including some construction projects, and considering whether to delay them.

MountainStar Healthcare, with eight hospitals and multiple clinics in Utah, also said it avoided layoffs and furloughs during the pandemic, though it has also faced declines in revenue.