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Photo: Atilgan Ozdil/Anadolu Agency via Getty Images

NewYork-Presbyterian, one of the largest hospital systems in New York City, is anticipating the coronavirus outbreak will trigger anywhere from $350 million to $700 million in losses, according to a new financial disclosure.

The big picture: NewYork-Presbyterian is in one of the hardest-hit states and was forced to delay all elective surgeries and procedures, which will ding its revenue and profit. But even with a nine-figure negative swing, the system is not in danger of going under.

Details: NewYork-Presbyterian's coronavirus estimates made several assumptions.

  • It assumed the crisis will last four months, the disease will progress here like it has elsewhere and that the system will have to allocate money for extra personnel. It made undisclosed projections of how many COVID-19 patients would be admitted and how many surgeries would have to be postponed.
  • NewYork-Presbyterian budgeted for a $246 million operating profit this year, but with its estimates, it now expects to lose anywhere from $104 million to $454 million.

Yes, but: The system has 311 days of cash on hand, plus its hospitals will be paid for COVID-19 patients — meaning there is no immediate financial peril.

  • NewYork-Presbyterian — like many other large, tax-exempt hospital systems across the country — has built a regional medical empire by garnering lucrative commercial insurance rates on elective surgeries and other procedures. The pandemic is putting that entire business model on hold.

What to watch: Hospitals are asking Congress for at least $1 billion in additional funds as well as payroll tax breaks to offset coronavirus costs.

Go deeper

39 mins ago - Sports

China pulls Celtics games after Enes Kanter criticizes Xi Jinping

Celtics center Enes Kanter. Photo: Jim Michaud/MediaNews Group/Boston Herald via Getty Images

China will no longer stream Boston Celtics games after center Enes Kanter called Chinese President Xi Jinping a "brutal dictator" in a social media post over the Chinese government's repressive policies in Tibet, according to the New York Times.

Why it matters: Kanter's criticism of Beijing has sparked another round of trouble for the NBA in China, one of its largest and most restrictive markets.

Dan Primack, author of Pro Rata
1 hour ago - Politics & Policy

Trump's new venture could be peak SPAC

Illustration: Sarah Grillo/Axios

Former President Trump last night announced plans to launch a digital media network called "Truth Social," and said it would go public via a SPAC called Digital World Acquisition (Nasdaq: DWAC).

What to know: So far, this is a joke. The press release didn't contain even basic information, such as the new company's CEO. In fact, the only execs mentioned are Trump (as chairman) and veteran TV producer Scott St. John as head of a subscription streaming service.

Ben Geman, author of Generate
2 hours ago - Economy & Business

Tesla is outrunning the supply chain crunch

Expand chart
Data: FactSet and company release; Chart: Will Chase/Axios

Tesla, citing a "structural shift" in demand for electric vehicles, reported its highest-ever quarterly profit of $1.6 billion and $13.8 billion in revenues despite supply chain problems.

The big picture: The company's third-quarter report says the chip shortage, port congestion and other woes have affected its factories but argues that "flexibility" and "ingenuity" are a counterweight.