Mass General Brigham posts $867M quarterly net loss

Despite seeing a slight increase in revenue, Boston-based Mass General Brigham ended the second quarter of fiscal year 2022 with both an operating loss and net loss, according to its financial report released May 13. 

Mass General Brigham recorded operating revenue of $4.04 billion in the quarter ended March 31, up from the $4.02 billion recorded in the same period one year prior. Mass General Brigham said patient service revenue increased by 4 percent over the same period last year, which reflects higher inpatient acuity.

While the organization's revenue increased slightly, its expenses grew 12 percent to $4.23 billion in the second quarter of fiscal 2022. Mass General Brigham attributed the expense increase to the use of temporary staffing, wage adjustments to facilitate workforce retention, supply cost increases and retirement benefit costs.

For the second quarter of fiscal 2022, Mass General Brigham posted an operating loss of $193.18 million. In the same period one year prior, Mass General Brigham recorded an operating gain of $250.15 million.

After factoring in nonoperating items, including an $853.04 million investment loss, Mass General Brigham ended the period with a net loss of $866.59 million. In the comparable 2021 quarter, Mass General recorded a net income of $955.87 million.

"As Mass General Brigham emerges from many of the severe challenges posed by the COVID-19 pandemic, the system continues to navigate the nationwide labor shortage and a capacity crisis throughout its hospitals while facing mounting inflationary pressures," Mass General Brigham said in the financial report. "These challenges have profoundly affected patients, providers, staff, and system operations, yet Mass General Brigham is progressing with its strategy to build an efficient and integrated care model that allows patients to receive the right care in the right place, throughout their lifetimes."

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