Operating revenues for the period increased to total $973.6 million compared with $930.5 million for the same period last year. Expenses increased about 10 percent, mainly because of employee compensation and benefits.
But it was the investment income that gave the hit to the bottom line. The $207.5 million loss compared with $72.3 million in income in 2021.
The hospital group is on an expansion tear, with projects scheduled for completion by the end of 2024.
These include Phoenix Children’s Hospital-East Valley, a five-story hospital slated to open in 2023 on the Mercy Gilbert (Ariz.) Medical Center campus. Phoenix Children’s Hospital-Arrowhead Campus, a three-story pediatric hospital, should open in Glendale, Ariz., in 2024.
More details on these projects can be found in this Nov. 21 interview with the hospital’s CEO, Robert L. Meyer.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.