The group, which opened three new hospitals during the year, reported higher patient revenue of $3.7 billion during the year compared with 2021, but its expenses totaled $3.75 billion, 14 percent higher than last year.
“The significant expense increases were attributable mainly to higher costs associated with wages, supplies and purchased services across most LVHN locations,” LVHN management said in a statement.
Meanwhile, investment losses totaling $109.6 million compared to gains of $269.5 million in 2021, contributing to a decline in days of cash in hand from 216 last year to 150 in 2022.
The news adds to challenges the group faces with the likely loss of significant amounts of Aetna insurance coverage from March next year.
