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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

Updated 7 hours ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

7 hours ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.