Fairview Health Services reports operating loss of $132M in 2021

Minneapolis-based Fairview Health Services reported an operating loss in 2021 of $132.6 million, less than the $208.8 million loss it reported in 2020, according to its recently released financial report.

The three-hospital system had a net income of $24.5 million in 2021, compared to a loss of $20.7 million in 2020.

Fairview posted an operating revenue of $6.4 billion, a 5.8 percent increase from 2020, in which it reported operating revenue of $6.1 billion. Its patient service revenue rose by 10.5 percent, to $5.8 billion, for the 12 months ended Dec. 31, compared to $5.2 billion for the same period in 2020.

Fairview's expenses also increased in 2021 to $6.6 billion, up 4.4 percent from 2020 at $6.3 billion. Salaries and benefits represented a large chunk of the system's expenses, $2.9 billion in 2021, a 3.2 percent increase from 2020, when those expenses were $2.8 billion. Supplies were also up in 2021, at $1.9 billion, compared to $1.7 billion in 2020.

The COVID-19 pandemic continued to challenge Fairview in 2021 due to reduced nonemergency procedures and increased operating expenses. Supplies and the use of temporary staffing also presented financial challenges for the system.

Copyright © 2022 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Whitepapers

Featured Webinars