Here are 10 health systems that reported net profits in 2022:
1. Nashville, Tenn.-based HCA Healthcare reported a $5.64 billion profit in 2022, down from $6.96 billion in net income in 2021. The 182-hospital system had a net income of $2.08 billion in the fourth quarter, up from $1.81 billion over the same period last year. HCA expects revenue between $61.5 billion and $63.5 billion in 2023 and a net income between $4.53 billion and $4.9 billion.
2. King of Prussia, Pa.-based Universal Health Services reported a profit of $675.6 million in 2022, a 31.9 percent drop from $991.6 million the prior year. Net revenues increased 6 percent to $13.4 billion in 2022, compared with $12.6 billion in 2021. UHS saw expenses increase from $11.3 billion in 2021 to $12.4 billion last year. The company reported higher expenses across all categories, including salaries, wages and benefits. For the fourth quarter, net income hit $174.8 million, down from $239.1 million during the same period in 2021.
3. Rochester, Minn.-based Mayo Clinic reported $595 million in net operating income in 2022 on revenues of $16.29 billion, a 3.7 percent operating margin. This was compared to a $1.2 billion gain in 2021. Total revenues increased 3.6 percent year over year to $16.3 billion while total expenses increased 8.1 percent to $15.7 billion.
4. Dallas-based Tenet Health reported a profit of $410 million for 2022, down from $915 million in 2021. In its hospital sector, Tenet reported net operating revenue of $15 billion for the year. Revenue for its ambulatory business, United Surgical Partners International, totaled $3.2 billion for the year. Tenet is predicting net operating revenues of between $19.7 billion and $20.1 billion for full year 2023. That compares with 2022 revenues of $19.2 billion.
5. Orlando (Fla.) Health reported a profit of $264.8 million for the quarter ending Dec. 31 as investment income outperformed the same period in 2021. The system’s operating income for the period was $78.6 million on the back of improved revenue totaling $1.37 billion. Higher expenses in 2022 reined in the operating gain which compared with $88.8 million in 2021 for the same quarter.
6. Franklin, Tenn.-based Community Health Systems, reported $179 million in net income in 2022, a 51.4 percent drop from the $368 million net income reported the prior year. The drop was driven by a decline in net operating revenues, fewer inpatient admissions and what CHS termed “unfavorable changes” in payer mix. Total operating costs and expenses for the year ended Dec. 31 were $11.4 billion, up from $11 billion in 2021. Net operating revenues were $12.2 billion in 2022, down slightly from $12.4 billion the prior year.
7. Cincinnati Children’s Hospital Medical Center reported net income of about $125 million for the six months ended Dec. 31.While expenses rose 7.5 percent from the same period in 2021 to total $1.45 billion, improved operating revenue and positive returns on investments boosted income. The $125 million figure compared with net income of $162.6 million in 2021.
8. Philadelphia-based Penn Medicine reported $118 million in net income for the six months ending Dec. 31 as revenues increased to almost $5 billion. The figures compare with net income of $280 million in the same period in 2021. Operating income for 2022 totaled $103.6 million versus $152.5 million in 2021.
9. Jacksonville Fla.-based Baptist Health posted $110.3 million in net income in its most recent quarter as investment values received a boost and offset increased expenses. The six-hospital system saw expenses rise 11 percent to total $537.5 million in the three months ending Dec. 31. Non-operating gains, including investments, totaled $92.3 million, a 76 percent jump on 2021 levels.
10. Durham, N.C.-based Duke University Health reported net income of $28.8 million in the second half of 2022 amid a robust investment performance. That figure compared with a $140.2 million gain in the same period in 2021. The system reported an operating loss for the period of almost $70 million as expenses increased 10.5 percent over 2021.
