The 139-hospital system recorded a $410 million operating loss in the second half of 2022, compared with an operating income of $31 million during the same period last year.
Total operating revenue increased by $115 million (0.8 percent) to $14.3 billion for the six-month period. Net patient service revenue was down marginally to $12.8 billion, driven by a decline in revenue for inpatient care. Revenue from physician practices, outpatient and long-term care increased marginally year over year.
Total operating expenses for the six months increased by $524 million (3.7 percent) to $14.7 billion, with expenses related to labor and professional services and fees both seeing year-over-year increases.
After factoring in nonoperating losses, including a loss of $798.6 million from investments, Ascension posted a net loss of $1.2 billion for the six months ending Dec. 31, 2022.
For the three months ending Dec. 31, 2022, the second quarter of fiscal year 2023, Ascension posted an operating loss of $291 million — down from a gain of $61,400 during the same period in 2021 — and a net loss of $348 million, compared with a net gain of $950 million the prior year.
