St. Louis-based SSM Health, which operates 23 hospitals and over 300 physician locations across four states, has revealed losses totaling over $484 million for the nine months ending Sept. 30. That figure compares with a net income of $447.5 million for the same period last year.
SSM Health, which also reported third-quarter losses of $93.3 million versus a gain last year of $75.6 million, said the losses were due to pressure from increased labor and supply costs and declines on investment income even as operating revenue increased.
Total debt for the healthcare organization as at Sept. 30 increased $98.1 million from Dec. 31, 2021, to total $2.6 billion and was "primarily due to working capital requirements and other initiatives," SSM Health said.
Capital investment plans remain on track, management said, with current budget approval for $425 million for 2022 and similar numbers expected in the near future. The sources of such funding through fiscal year 2024 are expected to be cash from operations, philanthropy support and investment earnings.