Intermountain Healthcare continues to cash in during tough times for the hospital sector, recording $2.16 billion in net income for the first nine months of the year, according to an unaudited financial report released on Thursday. .
The merger between Intermountain Healthcare and Broomfield, Colorado-based SCL Health, effective April 1, has boosted the company’s results this year. Intermountain operates 33 hospitals and nearly 400 clinics and has approximately 59,000 employees in seven states.
Revenue for the Salt Lake City-based nonprofit health system totaled $10.2 billion, up 28% year-over-year. Costs increased 35% to $9.46 billion, including a 45% increase in employee compensation and a 30% increase in supply costs. Net operating income fell 55% to $285 million.
Intermountain Healthcare also reported an investment loss of $2.21 billion over a nine-month period as weak financial markets continued to affect the monetary performance of health systems.
Last week, Intermountain announced it would appoint Chief Executive Officer Robert Allen as chairman and CEO effective December 1. Allen will replace interim CEO Lydia Jumonville, who has led the system in the months since Dr. Marc Harrison resigned to join venture capital firm General Catalyst.
Also last week, Rochester Minnesota-based nonprofit Mayo Clinic reported a tough financial situation with $454 million in net operating income for the first nine months of the year, a sharp drop from $1.02 billion. la in the same period last year. Revenue increased 4% to $12.08 billion, but expenses increased 9.5% to $11.62 billion.
Providence reported a $1.1 billion operating loss for the first three quarters, which the Renton, Washington-based nonprofit health system, in part, was due to staff shortages and market conditions. feebleness.
CommonSpirit Health, a Chicago-based nonprofit, posted a net loss of $397 million for the first quarter of fiscal year 2023, which ended September 30, including improved operating revenue. 5.4% improvement but costs increased by 5.6%.
