Baptist Health suffers $227M loss as expenses rise and investment values slump

Losses on investment, costs associated with converting to the Epic electronic health records system, and excess labor expenses dragged Jacksonville, Fla.-based Baptist Health to an overall loss of over $227 million in fiscal 2022. Much of that loss was experienced in the fourth quarter ending Sept. 30, particularly on the investment side.

The $227.3 million loss compared with a gain of $445.6 million in the same period in 2021, equivalent to a 151 percent change. The fourth quarter loss of $122 million compared with a gain in the same period last year of $111.9 million, a 209 percent swing.

The Baptist Health system, the largest in Northeast Florida, comprises five hospitals, four freestanding emergency centers, a network of primary and specialty care providers for adults and children, and an ambulatory presence including imaging, rehabilitation services, urgent care and convenient care. The system, which includes the region's only children's hospital, Wolfson, employs over 12,000 people.

The group opened its Clay facility as a hospital Dec. 19 after previously being an emergency center. Clay has 92 inpatient beds and 10 NICU beds.

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