While the amendment to the existing credit was agreed for a year from Sept. 28, 2022, the 21-hospital system said it did not file the news in a timely manner. Ballad Health has not drawn on the line of credit.
The health system reported an operating loss for the first quarter of $18.5 million compared to a prior year loss of $37.3 million in the same period. The operating loss for the nine-month period ending March 31 was $17.6 million compared to prior year income of $29.8 million.
For the nine months ended March 31, Ballad Health’s days’ cash on hand was 214, exceeding its obligation of a minimum of 100 days.
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