Baystate Health reports $327M loss amid labor pressures, investment decline

Springfield, Mass.-based Baystate Health — which operates four hospitals, including the level 1 trauma facility Baystate Medical Center — reported a net loss of $327.4 million in the year ending Sept. 30 2022.

That figure, which highlighted increased labor expenses as well as a significant decline in the system's investment portfolio value, contrasted with a net gain of $133.1 million in the same period in 2021. Operating expenses increased year to year by over 10 percent to total $3.02 billion, while the net loss on unrealized investments totaled $298.7 million compared with a net gain of $112.6 million in 2021.

Baystate, which appointed Sam Skura as president of Baystate Medical Center and senior vice president of hospital operations for the entire system in July, recorded 127 days of cash on hand at the time of reporting results, versus 235 days in 2021. Long-term debt totaled $580.4 million versus $515.9 million in 2021.

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