At the population level, there is limited empirical evidence on the characteristics of individuals who were hospitalized because of Covid-19, the role of hospitalization in mortality risk, and how both evolved over time. Through the analysis of surveillance data for 7 million people in Austria, Germany, and Italy, we investigate: (1) the demographic characteristics and outcomes of individuals hospitalized because of Covid-19; and (2) the role of demographic risk factors and healthcare utilization (as measured by hospitalization) for the individual probability of dying because of Covid-19, in both cases comparing the period February to June 2020 with July 2020 to February 2021. We find that the demographic profile of individuals who were hospitalized or died because of Covid-19 is the same in both periods, except for a younger age profile for hospitalizations in the second period. Mortality differentials across countries result from the interaction of demographic risk factors and hospitalization at the individual level.