2020 PSMC Community Report - Flipbook - Page 8
PSMC 2020
Financial Overview
In January and February of 2020, net income at PSMC was strong. But with the declaration of a global pandemic
in March, and an immediate loss of revenue caused by stay-at-home orders and temporary cancellation of elective
procedures, the financial status of PSMC, like so many other businesses, was turned upside down. With the future
uncertain, PSMC leadership began pursuing other sources of revenue, including grants and federal stimulus funds.
This decision turned out to be critical to PSMC’s ability to weather the economic impact of the pandemic.
Hospitals are unique in that they never fully close. Specialized staff are available around the clock, every day of
the year, to care for the injured and the ill. The pandemic caused not only a drop in patient volume, but also a
disruption in the supply chain and cost of personal protective equipment and other supplies used by hospitals.
Grants and federal stimulus funds and operational adaptations allowed PSMC to continue its mission of caring for
the community, providing pandemic-related services such as virus testing, and recovering from the initial impact
of the pandemic to finish 2020 in good financial standing. Following are the operational and financial highlights of
what was a most unusual year.
6600
6500
6400
6300
6200
6100
6000
5900
2019/2020
While some
PSMC services
saw growth
compared to the
prior year, patient
volume in other
areas decreased
as a result of
the COVID-19
pandemic.
5800
5700
1600
1400
1200
1000
800
600
400
200
0
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2020 COMMUNITY REPORT
ONCOLOGY CLINIC VISITS
2019 2020
EMERGENCY ROOM VISITS
2019
2020