Terry Shaw, president and CEO of Altamonte Springs, Fla.-based AdventHealth, outlined the 51-hospital health system's projected balance sheet for 2023 during his presentation at the J.P. Morgan Healthcare Conference.
The health system recorded $15.5 billion in revenue for 2022 and 3.5 percent operating margin for the year through November, excluding $355 million in expenses tied to the system's ongoing Epic EHR install. AdventHealth also reported a $898 million net loss for 2022 through November, compared with nearly $1.3 billion net income in 2021.
Days cash on hand also slipped from 219 adjusted days in 2021 to 165 in November 2022. Cash to total debt was 168 percent and debt to capitalization was 22.9 percent.
For 2023, AdventHealth projects:
1. Total debt capitalization: 21.1 percent
2. Days cash on hand: 200 days
3. Cash to total debt: 206 percent
The health system aims to complete its systemwide Epic EHR install this year and Mr. Shaw reported financial priorities include adjustments to the cost structure, capital model and operating portfolio.