Geisinger trims operating loss by 52%

Danville, Pa.-based Geisinger Health System reported an operating loss of $104.4 million in the nine months ending Sept. 30, a 52% improvement on the $215.8 million loss it reported in the same period last year. 

During the nine-month period, revenue increased 12% year over year to $5.7 billion while expenses rose 9% to $5.8 billion, according to recently published financial documents. Under expenses, salaries and benefits increased 5% to $2.3 billion and supply costs rose 10% to $1 billion. 

After accounting for nonoperating items, Geisinger reported $34.3 million in net income in the nine months ending Sept. 30, compared with a net loss of $973.9 million during the same period in 2022.

Oakland, Calif.-based Kaiser Permanente plans to acquire Geisinger in a deal that would see the Pennsylvania health system be the first to join Risant Health, a new nonprofit organization launched by Kaiser Foundation Hospitals. The deal is subject to regulatory approval. 

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