CHS reports $91M net loss in Q3

Franklin, Tenn.-based Community Health Systems reported a $91 million net loss in the third quarter of 2023, down from a net loss of $42 million over the same period last year, according to the health system's earnings report released Oct. 25. 

The 76-hospital system attributed the increase in net loss to unfavorable changes in payer mix, a reduction in pandemic relief funds recognized, higher costs for supplemental reimbursement programs and an increased rates for outsourced medical specialists. These were partially offset by strong inpatient volumes and reduced expense for contract labor. 

CHS had net operating revenues of $3.09 billion in the third quarter, up 2% over the same period last year, according to the report. On a same-store basis, net operating revenues increased 5.1% in the three months ended Sept. 30.

Net operating revenues in the third quarter reflected a 0.5% increase in admissions and a 0.4% increase in adjusted admissions compared to the same period in 2022. On a same-store basis, admissions increased 3.7% and adjusted admissions increased 4.2% compared to the same period last year. 

Net cash provided by operating activities was $29 million for the quarter, compared to $137 million in the third quarter last year. 

For the nine months ended Sept. 30, CHS had a net loss of $180 million, compared to a net loss of $369 million over the same period last year. Net operating revenues were $9.31 billion for the nine-month period in 2023, compared to $9.07 billion over the same period in 2022.

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Whitepapers

Featured Webinars