While many health systems continue to see sustainable improvements to their financial results, others are still working to improve upon their losses.
"There is a growing divide between higher- and lower-performing hospitals, even as overall market conditions continue to stabilize," Erik Swanson, senior vice president and data and analytics group leader at Kaufman Hall, said in an Aug. 5 news release regarding the company's June "National Hospital Flash" report. "Smaller hospitals continue to face challenges related to size and access to capital."
Here are seven health systems that reported operating losses the three months ended June 30:
Note: This is not an exhaustive list.
1. Pittsburgh-based UPMC posted an operating loss of $210.3 million (-2.9% margin) in the three months ended June 30, 2024, down from an operating loss of $85.8 million (-1.2% margin) over the same period last year.
2. St. Louis-based SSM Health saw an operating loss of $44.8 million (-1.6% margin) for the three months ended June 30. The 23-hospital, faith-based health system reported a $39.6 million loss (-1.5% margin) in the second quarter of 2023.
3. Portland, Ore.-based Legacy Health posted a $41.7 million operating loss (-5.9% margin) in the quarter ended June 30. The health system saw a $10.1 million operating gain (1.4% margin) for the same quarter over the previous time period in 2023. Legacy pointed to labor market challenges slightly affecting its financial performance, which caused a steep increase in premium pay and contract labor.
4. Boston-based Tufts Medicine saw a $40.7 million operating loss (-7.9% margin) for the three months ended June 30, a positive turn on the $61.9 million loss (-9.6% margin) reported in the same period in 2023.
5. Danbury, Conn.-based Nuvance Health reported a $28.1 million operating loss (-4.2% margin) for the three months ended June 30, an improvement from a $41.9 million loss (-6.8% margin) during the same time period during 2023.
6. Pittsburgh-based Allegheny Health Network saw an operating loss of $25.9 million (-2.1% margin) in the second quarter of 2024, an improvement from a $47.8 million operating loss (-4.2% margin) during the same period last year.
7. Dayton, Ohio-based Premier Health posted a $13.5 million operating loss (-2.2% margin) in the three months ended June 30, 2024, a 45% improvement from a $24.6 million operating loss (-4.3% margin) during the same time period in 2023.