Memphis, Tenn.-based Baptist Memorial Health, which said Feb. 14 it is working with consulting group Huron to help it meet budget targets, confirmed a $45 million operating loss for the three months ending Dec. 31 in a Feb. 16 filing.
The $45 million figure compares with a $10.4 million operating loss in the same period in 2021. Overall income for the first quarter of fiscal 2023 totaled $20.8 million compared with $43.1 million the previous year.
The $45 million operating loss showed the healthcare system was on target as it seeks to lower its annual operating loss to $140 million from $220.2 million in fiscal 2022, CFO Bill Griffin told investors Feb. 14.
Baptist Memorial, which is in the top 40 healthcare systems in the country in terms of size, operating 22 hospitals in its home state as well as Arkansas and Mississippi, had a total of 3,565 licensed beds as of Dec. 31.
The system's long-term debt totaled $825.4 million as of Dec. 31.