SSM Health cuts operating loss by 76%

St. Louis-based SSM Health reported a $58.5 million operating loss (0.6% margin) in 2023, an 76% improvement on the $248.9 million loss (2.7% margin) in the previous year.

Revenue increased 13% year over year to $10.5 billion while expenses grew by 10.5% to $10.6 billion, according to financial documents published March 21. 

Salaries and benefits increased 9.9% to $4.5 billion and supply expenses increased 14% to $1.7 billion.

After accounting for nonoperating items, such as investment returns, SSM posted a net profit of $252.6 million in 2023, compared to a net loss of $464.6 million in 2022.

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