Franklin, Tenn.-based Community Health Systems saw an operating loss of $205 million (-6.6% margin) in the third quarter of 2024, ended Sept. 30, down from an operating income of $173 million (5.6% margin) during the same period last year, according to its most recent financial report.
Here are six things to know:
1. The 69-hospital system reported $3.09 billion in total revenue for the three months ended Sept. 30, 2024, a 0.1% increase from $3.86 billion during the third quarter of 2023.
2. Total expenses for CHS were $3.3 billion in the third quarter of 2024, up 13.1% from $2.9 billion during the same period last year.
3. CHS saw a net loss of $391 million, a 329.7% decrease from a $91 million loss during the third quarter of 2023.
4. The health system's long-term debt was $11.47 billion.
5. CHS also noted two hospital divestitures in the report, a $160 million sale of Tennova Healthcare-Cleveland (Tenn.) to Vitruvian Health in Dalton, Ga. and the sale of two North Carolina hospitals, Davis Regional Psychiatric Hospital and Davis Regional Medical Center – both in Statesville, N.C. – to Iredell Health System.
6. "Our teams continued to execute well in a number of areas, advancing key priorities related to volume growth, operational improvements and patient outcome success," Tim Hingtgen, CEO of CHS said in the report. "I especially want to express gratitude for the extraordinary efforts made across many of our health systems to ensure the safety of our patients during back-to-back hurricanes that affected many of our communities."