The Medical City, one of Metro Manila's biggest hospitals, said Thursday its cash flow was "running dry" as the COVID-19 pandemic strains its resources and that of its patients. The admission came on the third day of stricter quarantines in the capital and its suburbs.
"Everyone's resources are rapidly dwindling" nearly half a year into the pandemic, said its President and CEO Eugenio Jose Ramos. Suppliers need to be paid on top of bank loans. State-run PhilHealth also has not been able to pay recently, he said. Patients are no longer as flexible with their resources when it comes to paying hospital bills and doctor's fees.
"Truthfully, it has been a very challenging time, not only to the rest of the country and the world, but particularly to the TMC enterprise... Nevertheless, we in TMC strive to plod on, persevere, and keep everyone safe and secure for as long as we can," he said.
On PhilHealth's "no balance, no billing" policy, he said, "In other words, the more COVID cases admitted to our hospital, the worse our receivables become, while our other resources of revenues decline because of public fear of going to the hospital."
The hospital said it was looking at cutting costs, adding, "We cannot and must not fail them," referring to its stakeholders.