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2020 cyberattack costs health management company $67 million

by John R. Fischer, Senior Reporter | March 09, 2021
Business Affairs Cyber Security Health IT
A cyberattack in 2020 cost Universal Health Services $67 million
A cyberattack in the second half of 2020 has cost Universal Health Services $67 million.

The hospital management company was hit with a malware attack on September 29 that forced it to take all of its U.S. information expertise networks offline, along with techniques for medical information, laboratories and pharmacies. Servers were not fully up again until October, according to the company’s fourth quarter report.

“Though we are able to present no assurance or estimation associated with the receipt, timing, or quantity, of the proceeds that we might obtain pursuant to business insurance coverage protection we have now in reference to this incident, we imagine we’re entitled to restoration of the vast majority of the last word monetary impression ensuing from the cyberattack,” said the company.

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News of the company's losses sent its stocks down by 4.2% Friday, reported the Wall Street Journal.

The company estimates it misplaced $12 million in the third quarter of 2020 and $55 million in the fourth quarter, with the losses linked to its acute-care phase and misplaced work earnings brought on by declines in affected person exercise.

The attack led UHS’ acute-care hospitals to dispatch ambulance visitors and elective procedures to competitors and invest in efforts to restore its IT operations. Delays were also experienced until December in some administrative capabilities such as billing and coding, which took a hit on fourth quarter profits.

No evidence of “unauthorized entry, copying or misuse of any affected person or worker knowledge has been recognized up to now,” according to the company.

It did, however, experience a rise in web earnings, despite the attack, with its fourth quarter racking up $308.7 million compared to $245.2 million in Q4 2019. The company attributed the rise to $200 million in grants, particularly through the CARES Act. It made $944 million web earnings in 2020 altogether, up from $814.9 million in 2019.

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