Palomar Health’s finances aren’t doing so good – and the prognosis isn’t much better.
The North County public healthcare provider – which operates Palomar Medical Centers in Escondido and Poway, California – has $585 million in debt, according to a report from Palomar’s finance committee. And a June budget report showed operations income plunged from roughly $42 million in 2022 to $9 million in 2023, Voice of San Diego reports.
On top of that, Palomar Health is expected to take another big financial hit. Palomar currently receives significant income from Kaiser Permanente as part of a partnership that’s set to dissolve at the end of 2024 as Kaiser gets ready to open its own hospital in San Marcos.
The partnership allows Kaiser to include Palomar Health in its in-network offerings, providing Kaiser members access to Palomar Medical Center in Escondido, Kaiser spokeswoman Jennifer Dailard said. Read more.
