Allegheny Health Network operated at a loss last year despite an increase in revenue and COVID-19 funding, according to the Pittsburgh Post-Gazette.
Six things to know from the report:
1. The 14-hospital AHN reported $181 million loss for 2022, up $61 million from 2021.
2. Revenue increased 8 percent to $4.3 billion, and the system received $128 million in COVID-19 funding.
3. Operating margins hit negative 5.5 percent, compared to a 1.9 percent operating loss for the year prior.
4. Total losses, including losses on investments, interest and other expenses, hit $241 million in 2022.
5. Janine Colinear, interim CFO for Highmark Health, which owns AHN, said staffing challenges, inflation and supply chain issues were to blame for the high losses.
6. Contract labor doubled last year to $193.9 million and operating expenses were up 10 percent to $4.5 million.