IRVING, Texas (BUSINESS WIRE), April 24, 2020 - Vizient, Inc. today expressed its gratitude that Congress and President Trump came together to reach an agreement and sign into law the Paycheck Protection Program and Health Care Enhancement Act, providing much-needed financial support for hospitals responding to the COVID-19 pandemic.
The law provides an additional $75 billion for the Provider Relief Fund. This essential funding will be used to help support hospitals and other health care organizations that have faced unprecedented challenges in responding to the pandemic while losing significant revenue by foregoing non-essential and elective procedures. In addition to the $75 billion for the relief fund, the law also replenishes the Paycheck Protection Program funding to help small businesses, including hospitals and other health care providers, with loans to support payroll needs and other expenses during the crisis. The law also provides for $25 billion in support of a national strategy leading to effective testing for the virus.
Hospitals across the country are struggling in the face of this crisis. While we applaud this quick action to provide a significant increase in funding for the Provider Relief Fund and Paycheck Protection Program, as well as the investment to expand testing for COVID-19, it is clear that more will need to be done to ensure hospitals are able to weather these unprecedented challenges. Vizient submitted a list of recommendations to congressional leadership in recent weeks, and we look forward to continuing to work with the president and Congress to ensure hospitals have the support necessary to endure these challenges and provide support for patients now and in the future.
Vizient is the nation’s largest member-driven health care performance improvement company, providing innovative supply chain capabilities, data-driven solutions and expertise that lead to improved patient outcomes and lower costs.
About Vizient, Inc.
Vizient, Inc. provides solutions and services that improve the delivery of high-value care by aligning cost, quality and market performance for more than 50% of the nation’s acute care providers, which includes 95% of the nation’s academic medical centers, and more than 20% of ambulatory providers. Vizient provides expertise, analytics and advisory services, as well as a contract portfolio that represents more than $100 billion in annual purchasing volume, to improve patient outcomes and lower costs. Vizient has earned a World’s Most Ethical Company designation from the Ethisphere Institute every year since its inception. Headquartered in Irving, Texas, Vizient has offices throughout the United States. Learn more at www.vizientinc.com.