Providence to focus on digitally enabling patients, genomics & more moving forward from $1.1B Q1 loss

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Renton, Wash.-based Providence is focused on digital health and personalizing the healthcare experience to move healthcare forward amid the pandemic.

"We respond to the evolving healthcare landscape, pursuing new opportunities that transform our services, in a strategic and effective manner," the system states in its first-quarter financial report. The system aims to expand and sustain its mission through several action steps, such as "digitally enabling, simplifying and personalizing the health experience" and "creating an integrated, scientific wellness, clinical research and genomics program that is nationally recognized for breakthrough advances."

The health system also aims to use the insights from big data as a focal point of its strategic transformation. Providence is also open to new affiliations and partnerships, although it did not disclose the discussions it's currently in with outside companies and organizations.

During the first quarter of 2020, the health system reported a $1.1 billion operating loss due to a decline in patient volume and increased expenses related to the pandemic. The system's operating expenses were up 10 percent year over year, as the system paid caregivers as normal through April and offered emergency child care subsidies as well as other temporary benefits during the pandemic.

Providence also reported $738 million in investment losses during the first quarter, related to market volatility from the pandemic. Last year, the system reported $582 million from investment gains. Going forward, the health system's strategic plan includes ensuring patients are digitally enabled and delivering quality, patient-centered care. It will also seek to diversify its sources of earnings, according to the report.

More articles on digital transformation:
The pandemic accelerated tech-driven healthcare delivery; will it last? Key thoughts from Summa Health CIO Tanya Arthur
UPMC has invested $800M in digital health, entrepreneurial efforts for a $1.5B return
Patient experience 'never events' from 16 execs at Cleveland Clinic, Providence & more

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