LOS ANGELES
,
March 14, 2022
(Industry Intelligence Inc.)
–
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: 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.
10% increase in salaries and benefits due to higher wages, increased agency staffing costs and overtime.
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.