Allina Health reports continued operating losses on $4.9B revenue

Minneapolis-based Allina Health reported an operating loss of $195.4 million in 2022 as rising expenses and a nursing strike dented performance. The operating loss for the latest quarter ending Dec. 31 totaled $63.2 million. 

The overall loss for the year, including investment returns, was $378.1 million compared with overall net income of $381.1 million in 2021. Revenues totaled $4.9 billion for the year. 

Allina Health, which owns and operates 11 hospital campuses and jointly owns and operates one other hospital, employs approximately 27,500 people and is one of the largest employers in Minnesota. As of Dec. 31, the system's hospitals had a licensed bed capacity of 2,451 acute care beds. 

The system, whose rating was downgraded one spot by Moody's from "Aa3" to "A1" with its financial outlook revised to "stable" from "negative," had 222 days of cash on hand as of Dec. 31 compared with 298 at the same time in 2021.

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