CommonSpirit expects to recover most of its $160M cyberattack costs

Chicago-based CommonSpirit, one of the largest nonprofit health systems in the nation, upped its current estimate of losses stemming from a cyberattack in October to $160 million when it released first-quarter results May 15.

The original cost amount was estimated at $150 million. The better news is that the 143-hospital system is confident of recovering much of the revised figure.

"Most of this will be recoverable, but we expect it to take some time," Benjie Loanzon, senior vice president of finance, said on an investor call May 22 to discuss results.

CommonSpirit reported $658 million in operating losses for the first quarter ending March 31, extending a $591 million loss in the same period in 2022. The net loss in the first quarter was $231 million.

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