Pittsburgh-based Allegheny Health Network reported a $172.7 million operating loss (-3.67% margin) in the fiscal year ended Dec. 31, a 4.4% improvement from a $180.8 million loss (-4.15%) it posted in 2022, according to a financial report shared March 18.
Five things to know:
1. Total revenue was $4.7 billion in 2023, a 7.9% increase from $4.4 billion in 2022.
2. Allegheny's operating expenses were $4.9 billion in 2023, up 7.4% from 2022.
3. The health system saw net loss of $140.3 million in 2023, a 41.8% increase from a loss of $241 million in 2022.
4. Total days of cash on hand was 54 in 2023, a 22.9% decrease from 70 days cash on hand the previous year.
5. Allegheny saw an operating loss of $28.6 million in the fourth quarter of 2023, ended Dec. 31, a 55.8% improvement from the same quarter in 2022. Total revenue was $1.24 billion, with total expenses at $1.26 billion in the fourth quarter of 2023.