Intermountain Healthcare posts $2.16B revenue by way of third quarter

Intermountain Healthcare continues to make money all by way of a tough stretch for the hospital sector, recording $2.sixteen billion in web income for the primary 9 months of the 12 months, in response to agency’s unaudited monetary report.

income for the Salt Lake metropolis-based mostly nonprofit well being system reached $10.2 billion, up 28% from the corresponding interval final 12 months. funds rose 35% to $9.forty six billion, which included a forty 5% leap in worker compensation spending and a 30% enhance in current prices. web working income plunged fifty five% to $285 million.

Intermountain Healthcare additionally reported $2.21 billion in funding losses by way of the 9-month interval as weak monetary markets proceed to plague well being methods’ monetary efficiency.

The merger between Intermountain Healthcare and Broomfield, Colorado-based mostly SCL well being, which took impression April 1, boosted the agency’s outcomes this 12 months. Intermountain operates 33 hospitals and virtually 4 hundred clinics and has about fifty nine,000 workers in seven states.

final week, Intermountain introduced it’d promote Chief working Officer Robert Allen to president and CEO efficient Dec. 1. Allen will substitute interim CEO Lydia Jumonville, who has led the system by way of the a quantity of months since Dr. Marc Harrison stepped down to affix the enterprise capital agency regular Catalyst.

additionally final week, Rochester Minnesota-based mostly nonprofit Mayo Clinic reported monetary woes with $454 million in web working income for the primary 9 months, a steep drop from $1.02 billion inside the 12 months-in the past interval. income rose 4% to $12.08 billion, however funds rose 9.5% to $eleven.sixty two billion.

windfall reported a $1.1 billion working loss by way of the primary three quarters, which the Renton, Washington-based mostly nonprofit well being system partly attributed to staffing shortages and weak market circumstances.

CommonSpirit well being, a nonprofit based mostly in Chicago, posted a web lack of $397 million for the primary quarter of its fiscal 12 months 2023, which ended Sept. 30, factoring in a 5.4% enchancment in working income however a 5.6% enhance in funds.

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