IU Health invests in patient care, safety and workforce amid financial challenges

INDIANAPOLIS -- Indiana University Health has posted a mid-year financial report that shows continued investments in patient care and safety and a commitment to its statewide workforce amid the financial challenges from the coronavirus pandemic.

To aid Indiana in the fight against the viral outbreak, IU Health has made significant investments in coronavirus screening and testing, protective equipment and enhanced virtual care options for patients. The healthcare system also has committed to retaining its workforce with no furloughs or pay disruptions during the epidemic to ensure its 34,000 highly skilled professionals are in place for patients at a time of need.

Like other health systems, IU Health faces financial pressures from the pandemic that hit the country in March, causing a shutdown of elective procedures as hospitals shifted resources to patients requiring care for COVID-19. Over the first six months of the year, IU Health experienced a net loss of $210 million compared to a gain of $707 million in the same period last year.

“Thanks to federal coronavirus relief and the benefits of a strong balance sheet, IU Health is positioned to weather this unprecedented financial and social crisis and focus on our primary mission: caring for patients in need,” said Jenni Alvey, senior vice president and chief financial officer of IU Health.

IU Health responded quickly to the impacts of the pandemic in Indiana with significant investments:

• Creation of a free virtual screening clinic, operated 24-7 by IU Health nurses and other medical personnel, to virtually screen for COVID-19 infections among anyone calling in. The clinic has played a notable role in helping Indiana hospitals contain the spread of the virus, screening over 50,000 people to date.
• Opening a COVID-19 testing lab to increase testing capacity in Indiana by focusing on healthcare personnel, first responders and residents in areas of Indianapolis with high infection rates. Testing capacity went from zero to over 1,800 a day within weeks.
• Purchasing millions of pieces of personal protective equipment for our providers, patients and visitors, while building more than 200 additional negative-pressure rooms and arranging protective measures such as more scrub and shower facilities in hospitals and hotel accommodations for team members.

IU Health also created financial lifelines to patients by allowing them to put a pause on paying their bills during the pandemic and to its vendors and suppliers by accelerating payments to them to boost their cash flow during the economic crisis.

During the second quarter, IU Health began reopening for non-urgent surgeries and other procedures, welcoming back patients with special safety precautions in place for the pandemic.