17 hospitals, health systems reporting net operating losses

Healthcare organizations across the country reported financial results in January.

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.

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