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Profits for Pa. hospitals plunged during first COVID-19 wave PennLive.com 1 hr ago David Wenner, pennlive.com Nearly 40% of Pennsylvania hospitals lost money in the 2020 fiscal year, which included the state’s first wave of COVID-19 cases. Another 18% had operating margins of 4% or less — below the level hospitals say they need to make repairs and upgrades and sustain a financially healthy operation. While COVID-19 put thousands of people in the hospital, it also triggered a state-imposed moratorium on elective surgeries, which are a major source of profit for hospitals....