Tallahassee Memorial reports $9.6M operating loss

Tallahassee (Fla.) Memorial HealthCare, which suffered an IT security incident in February, reported an operating loss of $9.6 million on revenue of $910.4 million in fiscal 2022, according to a March 29 filing.

The figures refer to the year ending Sept. 30 and therefore do not take into account any possible effects from the IT incident. The 2022 figures compare with an operating gain of almost $22 million in fiscal 2021 on revenue of $862.2 million.

Expenses in fiscal 2022 increased 9.5 percent on the previous year mainly because of increased discharges, longer average length of stay, increased emergency visits and surgical cases, according to the filing.

"The management team remains focused on productivity metrics and the number of full-time equivalents and has adequate controls in place to maintain appropriate, cost-effective staffing," management said.

The February cyberattack is expected to be "credit negative" for the health system, Moody's said Feb. 27.

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