Carilion Clinic Projects Loss As Pandemic's Toll Totals $250 Million And Counting, Officials Say
The hospital system avoided losses in recent years only thanks to pandemic relief funds, officials said.
The coronavirus pandemic has cost Carilion Clinic more than $250 million to date, an impact that translates to six normal years of earnings for the hospital system, according to officials.
Carilion executives are projecting a loss in the fiscal year that ends this month — the first time since the 2011 fiscal year.
“I said back in January we thought, because we were coming out of this, it was going to be a positive year, but it's totally gone the other direction,” Carilion CEO Nancy Agee said.
Agee and Don Halliwill, chief financial officer, spoke with reporters Tuesday afternoon after Carilion released its latest 990, a tax form that certain nonprofits must file with the Internal Revenue Service.