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.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
