Ohio system trims operating losses by 53%

Dayton, Ohio-based Premier Health reported an operating loss of $85.3 million in 2023, a 53% improvement on the $180.3 million loss recorded in 2022.

Revenue increased 10% year over year to $2.3 billion due to climbing patient volumes, improved procedure mix and increased market share in key patient service areas, according to financial documents published Feb. 29. Expenses grew 5.5% to $2.4 billion because of higher labor and supply costs due to increased volumes.

In the fourth quarter, revenue increased 7.5% year over year to $633.2 million while expenses rose 3.2% to $627.3 million.

As of Dec. 31, 2023, cash and investments totaled $943.8 million compared to $989.4 million at the end of 2022. Days of cash on hand was 150 days at the end of 2023, down slightly from 167 days at the end of 2022. 

After accounting for nonoperating items, such as investment income, Premier Health reported a net income of $24.5 million in 2023, compared to a net loss of $269.7 million net loss in 2022. 

The health system said cash and investments are "adequate" to meet current operating and capital needs and debt obligations.

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