Intermountain's net income drops to $912M

Salt Lake City-based Intermountain Health reported $157 million operating income (1.3% margin) on revenues of $11.9 billion for the nine months ending Sept. 30, compared to a $285 million operating gain (2.8% margin) on revenues of $10.2 billion for the same period in 2022.

Year over year for the nine-month period, Intermountain's operating margin decreased by 1.5% to 1.3%, revenues increased 16.4% to $11.9 billion and expenses increased 18.2% to $11.2 billion, according to financial documents published Nov. 20. Labor costs grew by 20.3% to $5.2 billion and supply costs rose 19.8% to $2.1 billion.

Intermountain merged with Broomfield, Colo.-based SCL Health April 1, 2022, forming a 33-hospital system with 385 clinics across six states. The nonprofit system also provides health insurance to about 1 million people, and is expanding its SelectHealth Intermountain's SelectHealth also provides health insurance to more than 1 million members in Utah, Idaho and Nevada, and will launch in Colorado in January. 

After including the performance of its investment portfolio and other nonoperating items, Intermountain ended the nine-month period with a net income of $912 million, down from $2.2 billion in the prior-year period.

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