Minneapolis-based Allina Health reported an audited operating loss of $195.8 million for the year ending Dec. 31, 2022, as expenses rose almost 7 percent compared with 2021.
Net losses, including investments, dragged that total further down to $379.9 million for the year. Such figures compared with an operating gain of $128.8 million and a net gain of $381 million in 2021.
The $195.8 million operating loss included $26.8 million in strike expenses. Total expenses for the year were $5.1 billion.
Allina Health, which owns and operates 11 hospital campuses and jointly owns and operates one other hospital, employs approximately 27,500 people and is one of the largest employers in Minnesota. As of Dec. 31, the system's hospitals had a licensed bed capacity of 2,451 acute care beds.
The system was downgraded on a series of bonds to A1 from Aa3 with its outlook revised to stable from negative, Moody's said Dec. 21.