Louisville, Ky.-based Baptist Health has reported audited losses for fiscal 2022 of over $176 million amid a steep decline in the value of its investments.
The $176.4 million loss compares with a net gain of $372.6 million in 2021. The period for both years ends Aug. 31.
While expenses increased slightly to almost $4 billion in 2022, the primary reason for the overall loss was a dive in the value of the group's investment portfolio, which went from a return of almost $200 million in 2021 to a loss of almost $250 million this year. The system invests in a variety of tools, including money market funds, government securities, corporate debt instruments, corporate stocks and mutual funds.
Baptist Health, which has just hired new CFO Rick Carrico, employs more than 23,000 people in Kentucky and surrounding states, operating eight owned hospitals and other facilities.