ProMedica posts Q3 loss: 5 things to know

Toledo, Ohio-based ProMedica saw a net loss of almost $48.3 million in the three months ended Sept. 30, compared to a net income of $7.8 million a year earlier, according to its quarterly financial report released Nov. 12.

Five things to know:

1. The health system, which has 11 hospitals and a total of 500 locations in 28 states, reported revenue of $1.7 billion in the third quarter of this year, an increase of almost 7.5 percent from the same period in 2020. Net patient service revenue climbed 8 percent year over year to $1.2 billion.

2. Total expenses increased by about 7.9 percent year over year to about $1.7 billion, with increases in employee compensation, food and drugs, medical expenses, contracted fees, and supplies. The insurance, utilities and "other" categories of expenses all decreased, however.

3. ProMedica saw an operating loss of about $23.5 million in the three-month period ended Sept. 30, compared to an operating loss of about $21.8 million in the same quarter last year. The health system attributed this to costs from the COVID-19 pandemic.

4. In the nine months ended Sept. 30, ProMedica reported a net loss of $109.5 million on revenue of $5.11 billion. In the same period of 2020, the system reported net income of $133.5 million on revenue of $5.09 billion.

5. The system saw an operating loss of about $101.4 million in the nine months ended Sept. 30, compared to operating income of about $168.2 million in the same period of 2020. The system noted that the previous year's results benefited from $257.5 million in Coronavirus Aid, Relief and Economic Security Act funding.

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