HCA CEO Sam Hazen stated returning the federal help “is suitable and the socially accountable thing to do.”.
The business said it anticipates to report earnings of $13.3 billion for the third quarter of this year, up from $12.7 billion a year previously. Earnings prior to taxes is anticipated to be about $950 million, compared to $979 million in the very same quarter of 2019..
HCA revealed Oct. 8 that it is returning $6 billion in federal aid meant to offset financial pressure tied to the COVID-19 pandemic. The move is credit negative because it will minimize the for-profit hospital operators incomes and liquidity, Moodys stated..
” These credit negative impacts will be partially reduced by lower social threat related to return of CARES Act grants and early repayment of accelerated Medicare payments,” the credit rating firm said..
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Nashville, Tenn.-based HCA Health cares strategy to return about $6 billion in federal grants and loans is credit unfavorable, according to Moodys Investors Service..