Northeast Georgia Health stays in the black even as income declines

Gainesville-based Northeast Georgia Health System, which earlier this month agreed to acquire rural hospital Habersham Medical Center, reported positive operating income of $118.2 million in 2022 even in the face of higher expenses.

Advertisement

Expenses in the period ending Sept. 30 were up approximately 9 percent on 2021, driven mainly by contract labor and supply costs. But increased revenues helped keep the system in the black even as operating income was down from $217 million in 2021. 

Significant losses on investment returns dragged down overall income further to total $14.3 million compared with $338.3 million in 2021.

Northeast Georgia Health had 296 days’ cash on hand at the end of fiscal 2022 compared with 340 in 2021.

Advertisement

Next Up in Financial Management

Advertisement

Comments are closed.