Sutter Health lost $249M in 2022 in reversal of fortune


Share post:

Caroline Hudson

Sutter Health’s finances took a significant downturn last year after a strong performance in 2021, according to a report the nonprofit health system issued Wednesday.

Sutter Health suffered a net loss of $249 million in 2022, a major decline from the $1.14 billion gain the Sacramento, California-based company recorded in 2021. By the end of 2022, patient volume had nearly returned to where it were before the COVID-19 pandemic, which contributed to revenue rising 3.9% to $14.77 billion, the company reported.

Investment losses totaled $578 million, and expenses rose 3.3% to $14.5 billion last year. Employee compensation costs declined 1.7%, but the cost of purchased services rose 14.6%. Samuel Merritt University’s transition to a standalone nonprofit institution in January 2022 resulted in a $208 million hit.

The health system intends to continue investing in expansion, increasing capacity and addressing staffing problems, CEO Warner Thomas said this month.

Sutter Health’s capital spending grew by $85 million in 2022, including projects at Sutter Davis Hospital and Sutter Santa Rosa Regional Hospital. In the coming years, Sutter plans to establish ambulatory care centers in Northern California, invest in technology and build up training programs to improve its talent pipeline.

Source link


Please enter your comment!
Please enter your name here


Related articles

Which are Canada’s top five happiest cities?

The pursuit of happiness is what drives people to work hard, travel, spend time with...

Can Germany’s tourism industry become climate neutral?

In the northern German town of Ueckermünde, the Haffhus hotel and spa is a model...

Travelling with kids: Summer travel tips to keep mothers stress-free

As summer approaches, mothers everywhere gear up for the joys and challenges of travelling with...

Vistara launches non-stop Mumbai-London flight, will be operated 5 times a week

PTI | | Posted by Zarafshan Shiraz, Mumbai Full-service carrier Vistara on Thursday inaugurated its non-stop...