group well being packages better than doubled its earnings inside the fourth quarter, however extreme labor prices and inflation continued to strain its outcomes.
The Franklin, Tennessee-primarily based for-revenue system on Wednesday reported fourth-quarter web income of $414 million, or $three.18 per share, in contrast with $178 million, or $1.34 per share, a yr in the past. the outcomes included a $a hundred and eighty million buy from early debt extinguishment and $119 million from HealthTrust purchasing for Group’s sale of CoreTrust Holdings, which closed on Oct. 1. group well being packages is a noncontrolling associate in HealthTrust.
Quarterly working income fell better than forty six% to $228 million. funds rose three.7% to $2.ninety one billion. prices for salaries and advantages have been up 1.5%. web working income declined 2.eight% to $three.14 billion.
In a information launch, CEO Tim Hingtgen mentioned the system had minimize its use of contract labor from its peak in early 2022.
group well being packages, which has seventy nine affiliated hospitals and better than 1,000 care websites, continues to minimize prices by adjusting its bodily footprint. final yr, Chief monetary Officer Kevin Hammons mentioned the agency was in “superior discussions” about divestitures. In January, it agreed to promote its final hospital in West Virginia to Vandalia well being System.
For the complete yr, group well being packages reported web income of $forty six million, or 35 cents per share, in contrast with $230 million, or $1.seventy six per share, in 2021. income declined 1.three% to $12.21 billion, and funds rose three.9% to $eleven.39 billion.
additionally this week, group well being packages disclosed a knowledge breach probably compromising private and well being knowledge of about 1 million sufferers. the agency does not think about its knowledge packages have been affected however mentioned an investigation is ongoing.
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