Trinity Health recorded a net loss of $1.43 billion for the financial year ended June 30, down sharply from $3.85 billion in net income the previous year, the Catholic health system earnings revealed last week.
The Livonia, Michigan-based company’s full-year revenue came in at $19.93 billion, down 1.14% from fiscal 2021. Expenses rose 4% to $20.08 billion, including expenses. Labor spending rose 8.17% to $11.14 billion as contract costs “reached an all-time high,” the company reported. Trinity Health recorded an improvement in spending on contract workers in the fourth quarter.
Less federal support to respond to the COVID-19 pandemic has also hampered Trinity Health’s operations. The health system received $140.5 million in fiscal year 2022 compared with $618.8 million in the previous fiscal year.
Several health systems have faced huge losses this year as the industry struggles to fill jobs and faces higher supply costs. Last month, Chicago-based CommonSpirit Health reported a net loss of $1.85 billion, and St. Louis reported a net loss of $1.84 billion for fiscal year 2022.
