Expenses drag down returns for Baptist Memorial

Memphis, Tenn.-based Baptist Memorial Health Care, one of the larger healthcare systems in the U.S., reported an audited net loss of $275.4 million for fiscal 2022 as it struggled with higher expenses and losses on its investment portfolio. The loss compared with a net gain of $186 million in 2021.

The decline was particularly evident in the system's higher expenses, which increased 6.5 percent from 2021 to total $3.62 billion. With revenues essentially flat, the overall operating loss was $220.2 million.

Investment losses totaled $55.1 million compared with a net gain in 2021 of $174.7 million.

Long-term debt at the end of fiscal 2022 totaled $826.7 million compared with $850 million in 2021.

Baptist Health, which operates 22 hospitals in its home state, Mississippi and Arkansas, is among the 40 largest health systems in the country.

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