October 9, 2020 / by Tina Reed
HCA Healthcare is returning $6 billion in COVID-19 relief funds it received as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act earlier this year.
“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, in a statement.
In a release, officials at the Nashville, Tennessee-based health system giant said they took a conservative approach to address operational and financial challenges presented by the COVID-19 pandemic. Using available cash and future cash flows from operations, officials said they plan to repay the $1.6 billion in Provider Relief Funds HCA received and $4.4 billion in Medicare accelerated payments.
Officials said the company will work with the appropriate government agencies to arrange the repayment of these funds.
“As the initial immediacy of the emergency has passed, and with more information, and more experience managing our operations during the pandemic, we believe returning these taxpayer dollars is appropriate and the socially responsible thing to do,” Hazen said.