Cambridge, Mass.-based Beth Israel Lahey Health reported a $131.2 million operating loss for the year ended Sept. 30, a 34% improvement on the $199.5 million loss it recorded the previous year.
Revenue increased 8.9% year over year to $7.7 billion while expenses grew by 7.7% to $7.8 billion, according to financial documents published Jan. 25. Labor costs increased 8.2% year over year to $4.7 billion,
After accounting for nonoperating items, the health system reported $451.2 million in net income for the year ending Sept. 30, compared with a net loss of $241.6 million in the previous year.
In December, Beth Israel Lahey established several new senior management positions and appointed Cindy Rios — who has served as interim CFO since 2022 — executive vice president and CFO.