TABLE 1. Fixed-Effect Regression Estimates, Operating Margin, Fiscal Years 2012–2020.

Variable	Urban Hospitals			Rural Hospitals
	Coef	Robust SE		Coef	Robust SE
Percentage of FY during COVID-19	–3.847	1.727	*	–4.971	0.673	**
Number of adult COVID-19 hospitalizations per week	0.008	0.003	**	0.035	0.009	**
Medium size (100–400 beds)	3.479	1.178	**	0.441	1.027
Large size (>400 beds)	8.757	5.949		–1.044	3.587
Small size (<100 beds)—reference
For-profit ownership	3.728	1.529	*	4.222	1.618	**
Government ownership	–2.255	4.133		0.183	1.271
Not-for-profit ownership—reference
Academic medical center	1.267	0.593	*	N/A
Other teaching hospital	–2.47	2.163		–0.658	1.304
Nonteaching hospital—reference
System member	1.163	1.005		0.419	1.040
Critical access hospital	9.989	3.693	**	5.958	2.357	*
Fully integrated physicians	0.666	0.995		0.376	0.479
Provides transplant services	–1.749	1.242
Provides telehealth services	–0.928	0.692		–1.394	0.547	*
Participates in group purchasing	1.337	0.646	*	0.464	0.553
Medicare share of admissions	0.003	0.030		0.051	0.023	*
Medicaid share of admissions	–0.123	0.086		–0.012	0.030
Labor intensity	1.998	8.273		–7.520	7.620
Occupancy rate	0.071	0.033	*	0.089	0.017	**
Herfindahl–Hirschman Index	0.000	0.000		0.000	0.000
Located in a Medicaid expansion state	0.995	0.500	*	0.883	0.397	*
SVI Theme 1a	0.696	9.037		1.860	3.516
SVI Theme 2	2.934	4.048		1.516	2.394
SVI Theme 3	2.173	9.188		–0.564	3.101
SVI Theme 4	4.349	5.915		–0.507	2.053
Constant	–15.229	8.806		23.385	4.733
R2 within	0.007			0.016
R2 between	0.022			0.005
R2 overall	0.012			0.006

Note. N/A indicates that these were omitted in the rural hospital model because few hospitals are in this category. Reference signifies the omitted reference category. Coef = Coefficient; FY = fiscal year; SVI = Social Vulnerability Index.

^aThe four SVI themes are: socioeconomic status (Theme 1), household composition and disability (Theme 2), minority status and language (Theme 3), and housing type and transportation (Theme 4).

*p < .05,

**p < .01.