CommonSpirit Health said higher expenses, especially for labor, and revenue challenges including an unfavorable shift in payer mix and declining acuity contributed to an operating loss of $1.3 billion in the fiscal year ended June 30. Last year, operating income was $998 million, Healthcare Dive reports.
The Chicago-based Catholic hospital operator, one of the nation’s largest health systems, reported a negative 3.8% margin in the latest period, compared to a positive 3% margin a year earlier. Adjusted revenues increased 3.5% to $34.42 billion from a year ago, while adjusted operating expenses were up nearly 10% to $35.46 billion.
Staffing remains a “pressing issue” across the industry, CommonSpirit said, and healthcare fatigue and burnout continues to be a major challenge. Read more.
