ProMedica reported losses on all three of its major segments — hospitals, senior care and the Paramount Health Plan — in the second quarter, according to financial documents published Aug. 14.
In the second quarter, overall expenses increased 2.7 percent year over year to $797.3 million from $776,218, but labor costs decreased 2.5 percent to $388.8 million. Total revenue for the quarter was $812.4 million, a 7.4 percent year-over-year increase.
After factoring in nonoperating items, the 11-hospital system ended the second quarter with an $83.6 million net loss, down from $170.3 million during the same period in 2022.
As of June 30, ProMedica had $740.7 million of unrestricted cash and investments to fund operational and capital expenditures.
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.