Struggling Radnor Township, Pa.-based Main Line Health reported an operating loss of $114.4 million for the nine-month period ending March 31. The loss compared with a loss of $43.2 million the previous year.
While revenues for the period rose 4.5 percent to total $1.6 billion, expenses soared 8.7 percent to total $1.8 billion. Every category of expenses increased for the four-acute-care hospital system, with salaries and benefits rising 5.6 percent to reach $841.2 million.
In December, Main Line Health received a credit rating downgrade to "A1" from "Aa3," reflecting a multiyear trend of weak operating performance and expectations of tepid progress, Moody's said. The system's long-term debt stood at $626 million as of March 31.