City of Hope reveals significant losses in 2022

Duarte, Calif.-based City of Hope reported overall losses totaling $705 million in 2022 as the healthcare system struggled with declines in the value of its investment arm. The figure compared with a net gain last year of $787 million.

Salaries, wages and employee benefits also weighed on the group to total $1.36 billion for the year ended Sept. 30, an increase of $342.4 million, or 33.6 percent, compared to the same period in 2021.

The acquisition by City of Hope of Cancer Treatment Centers of America closed Feb. 1, adding three hospital campuses and 161 licensed beds to the City of Hope system in the greater metropolitan areas of Atlanta (50 beds), Chicago (73 beds) and Phoenix (38 beds). The acquisition boosted employee numbers by 2,500, increasing the total City of Hope workforce to approximately 11,000.

Pat Basu, CTCA president and CEO, is expected to leave CTCA at the end of December, the hospital group said.

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