For the nine months ending Sept. 30, UnityPoint reported $441.3 million net loss on revenue of $3.7 billion. The health system spent $489 million on salary and wages for the third quarter, up 15 percent from the same period last year. For the nine months’ end, salaries and wages expenses are up 22 percent to $1.5 billion.
The health system reported $67.2 million operating loss for the quarter, down from $52,866 in operating income over the same period last year. UnityPoint also reported an investment loss of $92.3 million for the third quarter, compared to $29.6 million investment income over the same period last year.
UnityPoint reported continued recovery from the decreased patient volume associated with the COVID-19 pandemic; inpatient volumes came in 11.2 percent under budget and 3.5 percent below 2021 levels. Outpatient volumes came in nearly 2 percent under budget and 2 percent drop from last year.
“The system remains on a path of increasing focus on expense management and operational improvement. Lower than expected patient volumes have not led to an offsetting decrease in expenses, with labor and supplies expenses both over budget for the year. The system is continuing to navigate supply chain challenges around basic key supplies,” the system noted in its financial statement.
UnityPoint reported nearly 232 days cash on hand, down from 304 days at the end of 2021. The health system reported 47 net days in accounts receivable as of Sept. 30.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.