Trinity Health reports almost $300M operating loss as expenses continue to rise

Livonia, Mich.-based Trinity Health, one of the largest nonprofit health systems in the country, reported an operating loss of approximately $298 million for the six months ending Dec. 31 as expenses continued to exert pressure.

That figure compared with a $295.8 million operating gain in the same period in 2021. The system, which operates 88 hospitals across the country, reported an overall loss of $33.4 million for the six months compared with net income of $923.1 million in 2021.

Total expenses for the 2022 period increased 6.7 percent over 2021 to reach $10.7 billion. Contract labor jumped 52 percent to total $405 million as Trinity absorbed acquisitions, notably the buying out of CommonSpirit Health in the MercyOne venture.

The health system was beginning to see some improvement in its cost base as it devotes strong controls over contract labor and invests in its permanent staff as well as increasingly relies on its own internal staffing agency, Trinity said.

"Total operating costs per case mix equivalent discharge has improved during the second quarter of fiscal year 2023 compared to the first quarter of fiscal year 2023 as the corporation continues to tightly manage operating costs amid rising inflation," Trinity said.

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Whitepapers

Featured Webinars