Several health systems recently reported their financial results for the quarter ended March 31, posting both operating deficits and investment losses.
Altamonte Springs, Fla.-based AdventHealth, for example, recorded a $417.7 net loss in the first quarter of 2022, driven by both investment and operating losses. Although the 48-hospital system saw its revenue increase, its expenses grew by 15 percent. After factoring in the $3.7 billion in expenses, AdventHealth ended the first quarter of 2022 with an operating loss of $46.8 million. The health system also faced market volatility, posting a $372.2 million investment loss.
And AdventHealth is not alone.
Another example is Oakland, Calif.-based Kaiser Permanente, which recorded a net loss of $961 million in the first quarter of 2022. For the quarter ended March 31, the integrated healthcare system saw an operating loss of $72 million and $889 million in losses for nonoperating items, including investment losses. The health system attributed the operating loss to an increase in overall expenses, which rose 9.5 percent to $24.3 billion.
Additionally, St. Louis-based Ascension ended the first quarter of 2022 with an operating loss of $671.1 million and a net loss of $884.7 million. Ascension said its operating expenses ballooned during the first quarter to $7.3 billion, up from $6.6 billion recorded the same period one year prior. It also reported investment losses.
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