19 Oct In the News: FPVG Shares Insights with Caribbean Business
As the year 2020 gets ever nearer to its conclusion, there is no doubt that to this date, it has changed history books, not just locally, but worldwide. Caribbean Business recently highlighted the work of FPV & Galíndez in documenting the effects this historic year has had on the healthcare industry in Puerto Rico. Being that the island has had to face not just a COVID-19 pandemic, but also social and weather-related events, the status of how our local hospitals are facing these ever-changing circumstances is of utmost importance to the community.
Julio A. Galíndez, Managing Partner at FPV & Galíndez LLC (FPVG) and a leading authority in healthcare consulting, comments on how local hospitals have been affected by the intermittent lockdowns that began in March of this year: “These essential organizations received a severe jolt to their operations and revenue with local health authorities mandating that all elective medical procedures be postponed in an attempt to reduce the risk of COVID-19 spreading among patients and visitors.”
The news article called attention to the report FPVG prepared entitled “Puerto Rico Hospitals-Financial Impact Analysis under COVID-19”, which provides a comprehensive look at the economic impact faced by hospitals during the various lockdown periods. Among the information included in their analysis is how the Coronavirus Aid, Relief, and Economic Security (CARES) Act has influenced the 52 private hospitals throughout Puerto Rico. Despite the momentary stability that the aid has shown to be for these institutions during the pandemic, it does not provide permanent stability if fiscal conditions do not change.
The detailed report that covers a period from March 16th to May 3rd and was updated on June 30th can be found on the website. Galindez is certain that hospitals need to “regain utilization levels of previous years in order to move forward.” There is still hope as we look ahead.