Providence finances turning corner

Renton, Wash.-based Providence reported a $202 million operating loss in the second quarter, a $222 million improvement from the $424 million loss posted in the second quarter of 2022. 

In the first six months of 2023, revenue increased by $1.3 billion year over year to $14 billion, while expenses increased by $1 billion to $14.6 billion, according to recently released financial results. For the six-month period, Providence posted an operating loss of $547 million compared to $934 million during the same period in 2022. 

Despite operating losses continuing in the first and second quarters of 2023, the 51-hospital system continues to move the needle in the right direction.  

"External pressures — including inflation, the shortage of health care personnel and an increase in denials or delays in reimbursement — have persisted well into 2023," Providence CFO Greg Hoffman said. "That is why we continue to stay the course on our strategies for recovery and renewal. These efforts are making an important difference, and together with the caregivers of Providence, we are improving our overall operating performance and continuing to meet the growing health needs of our communities." 

Year over year for the six months ended June 30, Providence has seen improvements within several key performance indicators, including inpatient and outpatient surgeries, inpatient admissions, acute outpatient visits, primary care visits and full-time equivalents:

1. Inpatient admissions

2023: 213,631
2022: 209,309 
Percentage change: 2.1 percent

2. Acute patient days

2023: 1,195,441 
2022: 1,198,438
Percentage change: (0.3 percent)

3. Acute outpatient visits

2023: 6,896,127
2022: 6,406,030
Percentage change: 7.7 percent

4. Primary care visits

2023: 7,191,806
2022: 6,885,811
Percentage change: 4.4 percent

5. Inpatient surgeries and procedures 

2023: 94,463
2022: 88,616 
Percentage change: 6.6 percent

6. Outpatient surgeries and procedures

2023: 253,307
2022: 216,083
Percentage change: 17.2 percent

7. Long-term care admissions

2023: 1,824
2022: 1,962
Percentage change: (7 percent)

8. Long-term care patient days 

2023: 160,948
2022: 148,282 
Percentage change: 8.5 percent

9. Home health visits 

2023: 570,013 
2022: 532,603
Percentage change: 7 percent

10. Hospice days

2023: 537,613
2022: 535,435 
Percentage change: 0.4 percent

11. Housing and assisted living days

2023: 226,321
2022: 225,589
Percentage change: 0.3 percent

12. Acute average daily census

2023: 6,605
2022: 6,621
Percentage change: (0.2 percent)

13. Acute licensed beds

2023: 11,293
2022: 11,353 
Percentage change: (0.5 percent)

14. Full-time equivalents

2023: 107,025
2022: 105,169
Percentage change: 1.8 percent

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