Here are 17 Becker’s has reported posting operating losses:
1. Denver Health, Colorado’s safety-net hospital, reported a net operating loss of $60.7 million in 2022 as contract labor expenses and salaries continued to be a significant driver of costs.
2. Providence, R.I.-based Care New England said it had long-term debt of $142.3 million as of Dec. 31 when it reported a more than $111 million loss for fiscal 2022 on Jan. 30.
3. Brewer, Maine-based Northern Light Health recorded long-term debt of $522.4 million when it reported a $178 million loss in fiscal 2022 on Jan. 23.
4. Minneapolis-based Fairview Health recorded $1.6 billion as it reported Jan. 9 a net operating loss of $248.5 million for the nine months ended Sept. 30.
5. Pueblo, Colo.-based Parkview Health System, which agreed Jan. 24 to merge with UCHealth, reported a net operating loss of $11.2 million for the six months ended Dec. 31, 2022.
6. Hartford (Conn.) HealthCare reported positive operating net income of $60.7 million in fiscal 2022 even as its overall income dipped amid losses on investment values. Losses on investment values totaling $95.5 million helped drag overall income down to a loss of $36.9 million. That figure compared with a net gain of $513.1 million in 2021.
7. Boston-based Mass General Brigham, which earlier this month said it would introduce a number of cost-cutting measures, reported an audited net loss of over $2 billion in fiscal 2022.
8. Boston Children’s Hospital suffered a steep loss in 2022 driven overwhelmingly by declines in investment values, reporting a net loss of $520 million.
9. Greenville, N.C.-based ECU Health is closing five regional outpatient clinics as part of a cost-cutting strategy to ensure the long-term sustainability of the health system. The nine-hospital system, which ended the 2022 fiscal year with an operating margin of -2 percent (a $46 million loss), is also discontinuing operation of the inpatient behavioral health care unit at ECU Health North Hospital in Roanoke Rapids.
10. Rockledge, Fla.-based Health First reported an operating loss of almost $75 million in fiscal 2022 as expenses rose to over $2 billion, an increase of more than 11 percent.
11. Boston-based Tufts Medicine aims to save $22 million annually through workforce reductions. The health system reported $398.6 million operating loss for the year’s end in September and plans to lay off 70 people, primarily in administrative positions, and eliminate 170 vacant roles.
12. Lebanon, N.H.-based Dartmouth Health is freezing hiring and reviewing all vacant jobs at its flagship hospital and clinics in an effort to close a $120 million budget gap. Dartmouth Health ended the first quarter of its current fiscal year Sept. 30 with a $41.4 million loss on a nearly $770 million operating budget.
13. Washington hospitals are projecting between a $3.5 and $4 billion operating loss by the end of the fiscal year as the financial fallout of the COVID-19 pandemic proves to be immensely damaging for hospital revenue in the state.
14. Cleveland Clinic President and CEO Tom Mihaljevic, MD, said Jan. 18 the health system is anticipating a $200 million operating loss in 2022 during the health system’s annual “State of the Clinic” address.
15. Memphis, Tenn.-based Baptist Memorial Health Care, one of the larger healthcare systems in the U.S., reported an audited net loss of $275.4 million for fiscal 2022 as it struggled with higher expenses and losses on its investment portfolio. The loss compared with a net gain of $186 million in 2021.
16. Springfield, Mass.-based Baystate Health — which operates four hospitals, including the level 1 trauma facility Baystate Medical Center — reported a net loss of $327.4 million in the year ending Sept. 30 2022.
17. Walgreens Boots Alliance reported a $3.7 billion net loss in the first quarter of the 2023 fiscal year ending Nov. 30, a significant drop from $3.6 billion in net income over the same period last year, driven by after-tax charges for opioid-related claims and litigation.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
