The three largest nonprofit health systems in the U.S., Ascension, CommonSpirit Health and Trinity Health, reported significant cuts to their six-month operating losses for the period ended Dec. 31:
Here is how the three systems' finances fared over the six-month period:
St. Louis-based Ascension reported a $155.2 million operating loss for the six-month period, an improvement from a $409.9 million loss during the same period in 2022.
The system attributed the operational improvement to economic plans focused on volume growth, rates and pricing, and cost levers. As part of these plans, the system is focused on improving service line volumes and ancillary services and strengthening its ambulatory footprint.
Ascension posted an operating revenue of $15 billion, up from $14.3 billion over the same period the previous year. Operating expenses were $15 billion, up from $14.7 billion.
Chicago-based CommonSpirit posted a $46 million operating loss for the six months ended Dec. 31, compared with a $395 million operating loss over the same period the previous year.
The health system said operating results reflect the effects of labor and supply inflation increasing at a higher rate than reimbursement rates, but is partially offset by improved patient volumes, length of stay and productivity.
CommonSpirit posted an operating revenue of $18.7 billion, up from $17.1 billion the previous year. Operating expenses were $18.7 billion, up from $17.5 billion the previous year.
Livonia, Mich.-based Trinity Health reported an operating loss of $38.6 million for the six-month period after reporting a $298 million loss over the same period last year.
The health system said the "substantial reduction in losses" reflected improved inpatient care volumes, as well as several revenue and cost management initiatives.
Trinity posted a total operating revenue of $11.6 billion for the six-month period, up from $10.5 billion over the same period in 2022. Operating expenses were $11.7 billion, up from 10.7 billion over the previous year.