Ascension, a 144-hospital system based in St. Louis, reported operating revenue of $27.98 billion in the year ended June 30, up from $27.24 billion a year earlier. The health system saw expenses climb to $28.77 billion in the most recent fiscal year and ended the period with an operating loss of $879.2 million.
Higher salaries, wages and benefits due to staffing challenges and increased use of contract and premium labor pushed Ascension’s expenses higher in fiscal year 2022.
After factoring in nonoperating items, Ascension reported a net loss of $1.84 billion for the 12 months ended June 30. A year earlier, the health system posted net income of $5.7 billion.
CommonSpirit, a 142-hospital system based in Chicago, saw revenues increase 2 percent year over year to $33.9 billion in the most recent fiscal year. The health system’s expenses hit $35.2 billion, up 9 percent from fiscal year 2021. The health system attributed the increase to several factors, including contract labor costs, premium pay and retention programs.
CommonSpirit ended fiscal year 2022 with an operating loss of $1.3 billion and a net loss of nearly $1.85 billion. A year earlier, the health system posted operating income of $998 million and net income of $5.2 billion.
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