Advocate Aurora posts $253M net loss in Q1

Although Advocate Aurora Health posted an operating gain in the first quarter of 2022, it ended the period with a net loss, according to recently released financial results

The 27-hospital system, which has dual headquarters in Milwaukee and Downers Grove, Ill., recorded operating revenue of $3.57 billion in the first quarter of 2022. This represents a 9 percent increase over the comparable period in 2021, in which Advocate Aurora had $3.27 billion in revenue. Advocate Aurora partially attributed the increase to a 10.1 percent increase in patient service revenue, which resulted from increased outpatient and physician visits. 

In addition to seeing its revenue increase, Advocate Aurora saw its expenses rise nearly 11 percent to $3.56 billion in the three months ended March 31. Advocate Aurora attributed the expense increase to a boost in agency staffing and supply costs. 

After factoring in all expenses, including nonrecurring items, Advocate Aurora ended the period with an operating income of $2.51 million. In the same period in 2021, Advocate Aurora recorded an operating income of $50.95 million. 

Overall, Advocate Aurora ended the first quarter of 2022 with a net loss of $253.23 million, driven by losses on nonoperating items. In particular, Advocate Aurora recorded an investment loss of $265.97 million in the first quarter of 2022. In the same period one year prior, Advocate Aurora saw investment gains of $295.73 million and a net income of $351.75 million. 

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