DISTRESSED DAILY: Health Care Copes with Low Cash, High Defaults

Almost half of health-care executives in a new survey said they have two months or less of cash on hand, and two-thirds have defaulted or expect to default on covenants.

That’s the sobering news from a BDO USA, LLP poll of chief financial officers at hospitals and other health-care facilities, evidence of the stress the pandemic has placed on providers.

Rising costs for labor and supply, a shortage of workers and revenues pinched by patients deferring elective surgery and routine care mean a grim situation for many facilities, and the cost pressures aren’t likely to abate this year, the report ...