HCA Healthcare will return or repay $6 billion in funding it received through the CARES Act and other federal stimulus funding.
The hospital company said in its preliminary third-quarter earnings report that it expects earnings of $13.3 billion for the three-month period ending Sept. 30. That’s a modest increase from the $12.7 billion it earned in the same quarter last year.
As a result, HCA said it will return much of the money it received through the federal coronavirus relief package. The company said it will return $4.4 billion in Medicare accelerated payments and $1.6 billion in Provider Relief Fund distributions.
“We greatly appreciate the CARES Act funding and the policymakers who fought hard to ensure hospitals would have the essential resources during the pandemic,” said Sam Hazen, CEO of HCA Healthcare.
HCA said it is able to return the stimulus money because early on in the pandemic it “took a conservative approach which included a number of actions to meet the operational and financial challenges this global health crisis was expected to present.”
Hazen continued, “As the initial immediacy of the emergency has passed, and with more information, and more experience managing our operations