MaineHealth reports reduced operating gain on back of almost $1B expenses

Portland-based MaineHealth reported operating income of $16 million as it revealed almost $1 billion in revenue for the quarter ending Dec. 31.

That figure compared with operating income of $50.5 million in the same period in 2021 as higher expenses affected returns in 2022. Expenses were up 8.6 percent on 2021 to total $963.7 million.

Overall net income totaled $54.2 million compared with $48.1 million in 2021.

The system's Maine Medical Center, the state's largest hospital with 700 licensed beds, raised $179 million toward a new 265,000-square-foot patient tower scheduled to open in 2024. Building of the tower is progressing as planned, management said.

"The project remains on time and on budget," the filing said.

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