Providence reports 2021 fiscal year net income of US$518.0M, down from US$740.0M in 2020, with revenue of US$27.3B, up 6% from 2020; patient volume up 7% from 2020, while higher wages, staffing costs, overtime increased labor costs by 10% year-over-year

Sample article from our Health Care Sector

LOS ANGELES , March 14, 2022 () –

Providence Health, a 52-hospital system based in Renton, Washington, ended last year with an operating loss and lower net income than in 2020, according to report by Becker Hospital Review.

Based on data from Providence Health's financial report, Becker Hospital Review reports that Providence ended last year with annual net income of US$518 million for 2021, down from $740 million in 2020.

Providence's earnings announcement reveal the following for the year ended Dec. 31, 2021:

  • Operating revenues were $27.3 billion, an increase of 6% compared with the same period in 2020.
  • Net operating loss of $714 million from operations, despite increased COVID-19 volumes across Providence, compared with $957 million in the prior year.
  • Operating expenses were $28 billion, up 8 percent compared with the prior year. This included a
    10% increase in salaries and benefits due to higher wages, increased agency staffing costs and overtime.
  • Non-operating income totaled $1.2 billion, compared with $1 billion in 2020. Non-operating income helps to recoup operating losses resulting from the pandemic and offset reimbursement shortfalls from Medicaid and Medicare coverage.

  • Adjusted admissions were 7% higher compared with 2020, driven by higher outpatient and inpatient volumes, as well as increased emergency department visits.

 

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