The move follows similar increases last year of between 4.3 percent to 5.3 percent. The new price hikes will take an overnight stay at some of the city’s locations to $3,380.
“Our labor, drugs, and supply costs have gone up by more than 10 percent since last year,” hospital spokesman Adam Mesirow said in a statement provided to Becker’s. “Like other local providers, we are implementing modest price increases at our medical centers that will help us sustain our commitment to helping the communities we serve live well.”
The company made no specific comment on whether it may introduce similar price increases at other hospital locations.
The hospital group reported a net loss of $911.7 million in the nine months ending Sept. 30, 2022, compared with a $1.45 billion gain in the same period last year. Labor costs were up 12.6 percent in the period.
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.
