The $2.26 billion loss for the year ended Sept. 30 compared with a $3.2 billion gain in 2021.
Like many healthcare and hospital systems, the losses were driven by increased expenses and declines in investment values. While operating revenues increased by 4.5 percent, for example, employee compensation was up 10.2 percent to total $9.1 billion, and supply expenses were up 10.6 percent.
The healthcare system said Jan. 20 it is restructuring its community hospital leadership and consolidating oversight of its community physicians to further integrate operations and reduce expenses. The moves will include doing away with CEO titles for its six community hospitals, with those leaders operating as presidents and COOs to expedite decision-making.
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