The purchase of a new Epic EHR has contributed to Cleveland-based University Hospitals' operating losses in 2022 and 2023, Cleveland.com reported May 3.
The acquisition of the new EHR, along with rising employee expenses and inflation, were cited by University Hospitals as factors contributing to its second consecutive operating deficit. Over the past two years, University Hospitals has recorded losses exceeding half a billion dollars, marking a significant shift from its positive operating income reported in 2021.
In 2023, University Hospitals reported an operating deficit of $256 million, following a loss of $302 million in 2022. However, in 2021, it recorded a net operating income of $104.5 million.
The implementation of Epic and the MyChart patient portal went live in October. This expense alone hit $179 million, but University Hospitals said that this investment is already showing promising returns.
For example, Bradley Bond, chief financial officer of University Hospitals, said the benefits of the Epic EHR include improved ease in booking appointments though the patient portal, streamlined billing processes and simplified medical record transfers.