The operating figure was down on the two previous years but was significantly boosted by a $210 million reduction in contract labor costs, a 26.2 percent decrease from 2021.
Net income was heavily affected by investment losses so that the 32-hospital system reported an overall loss of $447 million compared with a net gain of $750 million in 2021.
The impact of the reduction in labor costs was seen particularly in the final three months of the year, Banner said.
“After five consecutive quarters of operating losses, the fourth quarter of 2022 represented a sharp improvement in performance driven by increases in several key volume indicators as well as progress being made to rebuild core nursing staff,” management said.
Revenue for the year totaled $12.7 billion while days of cash on hand was 218.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
