Healthcare companies have seen profits rise during the second quarter of 2021 thanks to COVID-19 vaccines and Americans returned to doctors’ offices.
That’s according to a financial analysis from Axios, which examined financial statements from hospitals, drug companies, health insurers, medical device manufacturers and other healthcare suppliers.
The findings are good news for the healthcare industry, which suffered during 2020 as Americans delayed or put off routine healthcare. As the national vaccine program rolled out and more Americans regained confidence, visits to healthcare offices returned. That trend could change with the number of COVID-19 cases rising and due to the upcoming flu season, Axios noted.
Healthcare organizations have also been buoyed by government cash. In particular, health insurers saw fewer claims, boosting profits. And pharmaceutical companies have seen losses from 2020 recover.
Overall, the healthcare industry saw a 9% profit margin in the second quarter of 2021, thanks to higher revenues.
“The fortunes that healthcare companies continue to amass during the pandemic further insulates them from bigger reforms, just like Big Tech,” Axios reported.
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Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."