Lifespan recovering after $54M loss in 2022, CFO says

After posting a $54.8 million loss in the fiscal year 2022, Providence, R.I.-based Lifespan Health CFO Peter Markell said that the health system is headed in the right direction, Providence Business First reported Sept. 8.

In the third quarter of its fiscal year, the health system has seen a 10.6 percent year-over-year jump in patient service revenue, leading to an improved $8.8 million in operating revenue. Supply costs and the higher cost of labor are still a challenge for the system. 

The price of supplies rose 16 percent year over year, and the system has 500 open nursing positions.

To grow revenue, Mr. Markell is focused on improving the ease of patient access, growing reimbursements and boosting growth centers. 

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