Livonia, Mich.-based Trinity Health, one of the largest nonprofit health systems in the country, posted a $431.6 million operating loss for its full fiscal year on revenue of $21.6 billion.
Those figures compare with a $206.3 million operating loss on revenue of $19.9 billion in the fiscal year ended June 30, 2022. The loss equated to an operating margin of -2 percent.
Total labor expenses of $11.99 billion compared with $11.1 billion in 2022, an increase of 7.7 percent. Of that, contract labor, totaling $933 million, surged almost 50 percent over the previous year.
Net income for the period was $959.7 million compared with a net overall loss of $1.4 billion in 2022.