According to a report that the nonprofit health system issued Wednesday, Sutter Health’s financial position deteriorated significantly last year after operating effectively in 2021.
Sutter Health posted a net loss of $249 million in 2022, a large drop from the $1.14 billion profit the Sacramento, California-based company recorded in 2021. By the end of 2022, the number of illnesses Employees are almost back to pre-COVID- As reported by the company, the October 19 pandemic contributed to a 3.9% increase in revenue to $14.77 billion.
Investment losses amounted to $578 million and expenses increased 3.3% to $14.5 billion last year. Employee compensation costs fell 1.7%, but the cost of purchased services increased 14.6%. Samuel Merritt University’s transformation into an independent nonprofit in January 2022 resulted in $208 million in revenue.
Warner Thomas CEO said the health system intends to continue to invest in expansion, capacity building and addressing staffing issues.
Sutter Health’s capital expenditures increased by $85 million in 2022, including projects at Sutter Davis Hospital and Sutter Santa Rosa Regional Hospital. In the coming years, Sutter plans to establish outpatient care centers in Northern California, invest in technology and build training programs to improve its talent system.
