The Cheyenne Regional Medical Center will likely see a loss of close to $10 million for the month of April, its CEO said in a statement Friday.
Hospitals across Wyoming have taken major financial hits during the coronavirus pandemic, due to the increased social distancing practices calling for fewer people to be in the building at one time and the cancellation or postponement of elective surgeries and other procedures.
CMMC CEO Tim Thornell said the hospital lost $1 million in March and is projecting an operating loss of close to $10 million for April.
“Cheyenne Regional Medical Center, like every other hospital in Wyoming, is certainly feeling the negative financial impact that COVID-19 is having,” Thornell said in a statement. “We are seeing about a 30% reduction in inpatient care and an upwards of 50% reduction in outpatient care.”
The hospital system is managing the situation, but Thornell noted that these losses aren’t sustainable in the long term. To address funding shortfalls, CRMC is using financial reserves to supplement current operations, which means major capital projects have been placed on hold to divert funds to daily operations.
There is also a hiring freeze in place at the hospital and overtime is being limited. Reduced hours have been implemented for select non-urgent service lines.
“Our volumes are down in all areas,” Thornell said. “We have a strong and dedicated staff that continues to provide the best possible care to our community during these challenging times.”