Item 8.01 Other Events.
To date, the Company has not experienced an increase in patients treated in its emergency rooms but we have increased the safety precautions, and incurred increased costs at our hospitals in anticipation of receiving a positive COVID-19 patient. If there is a large influx of patients, small rural hospitals, such as ours, could be severely affected. In addition, our staffing costs and costs to purchase medical supplies could increase. Moreover, the virus has caused a slowdown in our hospitals' normal business unrelated to the virus, which may reduce revenues.
The Company continues to seek additional funding. The current COVID-19 pandemic has caused disruption in the financial markets and the businesses of financial institutions. These factors have caused a slowdown in the decision making of these institutions, which may affect the timing of the Company receiving any additional funding. There can be no assurance that we will be able to raise additional funds on terms acceptable to us, if at all.
In light of the current COVID-19 pandemic, the Company will be including the following Risk Factor in its Report, as it may be updated to reflect subsequent events affecting the Company:
The current and potential effects of the coronavirus pandemic may materially adversely impact our business, results of operations and financial condition.
The coronavirus pandemic and the steps taken by governments to seek to reduce its spread have severely impacted the economy and the health care industry in particular. Hospitals have especially been affected. Small rural hospitals, such as ours, may be overwhelmed by patients if conditions worsen in their local areas. Staffing costs, and concerns due to the potential exposure to infections, may increase, as may the costs of needed medical supplies necessary to keep the hospitals open. Doctors and patients may defer elective procedures and other health care services. Travel bans, social distancing and quarantines may limit access to our facilities. Business closings and layoffs in our local areas may result in the loss of insurance and adversely affect demand for our services, as well as the ability of patients and other payers to pay for services as rendered.
Forward-Looking Statements
This report includes "forward-looking statements" within the meaning of the safe
harbor provisions of the United States Private Securities Litigation Reform Act
of 1995. Actual results may differ from expectations and, consequently, you
should not rely on these forward-looking statements as predictions of future
events. Words such as "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should," "believes,"
"predicts," "potential," "continue," and similar expressions are intended to
identify such forward-looking statements. These forward-looking statements
involve significant risks and uncertainties that could cause the actual results
to differ materially from the expected results. Additional information
concerning these and other risk factors are contained in the Company's most
recent filings with the
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