Seven things to know:
1. Revenue declined 0.6% year over year to $10.1 billion while expenses increased 1.6% to $10 billion, according to financial documents published Feb. 14. Net patient revenue decreased 4.9% year over year to $8.9 billion and premium revenue grew by 7.4% to $409 million. Other revenue increased 86.8% to $777 million.
2. Patient volumes on an adjusted admission basis increased 2.8% year over year for the quarter. The acute average length of stay decreased to 4.70 days for the three months ending Dec. 31, down from 4.76 in the same period in the previous year.
3. “Our team members’ efforts to provide care in more efficient and effective ways have significantly contributed to this quarter’s financial improvements,” CFO Dan Morissette said in a Feb. 14 news release. “While this progress is encouraging, we must continue strengthening our financial foundation, ensuring that we can deliver high-quality care to all members of our communities, particularly those who are most vulnerable.”
4. CommonSpirit said it continues to face significant challenges getting paid appropriately for services it has provided. Revenues continue to be affected by denials and slow payments, as well as payment increases that do not keep up with inflation, according to the health system.
5. After accounting for nonoperating items, such as investments, CommonSpirit reported a net income of $87 million in the fiscal second quarter, compared to a $1.1 billion net gain in the same period the previous year.
6. CommonSpirit is prioritizing several care continuity and organic growth initiatives, including patient connection centers and the continued rollout of its digital consumer experience across the system.
7. As of Dec. 31, long-term debt for the health system was $17 billion.