Chicago-based CommonSpirit, one of the largest nonprofit health systems in the country, recorded operating losses of $658 million and $1.1 billion for the three- and nine-month periods ended March 31.
Those figures compared with operating losses of $591 million and $638 million for the same periods in the prior year. Lower contract labor costs helped stem some of the operating losses, although hiring challenges remain, the system said.
Improved investment returns also helped mitigate the overall loss, with the 143-hospital system recording a net loss of $231 million in the three-month period and $445 million for the nine-month period.
Rising costs and continued labor challenges remain a focus for CommonSpirt, which is seeking to both reduce such costs through a number of initiatives and improve operating efficiency.
"Now we're taking decisive steps to boost revenue and address our costs to ensure we're operating in a sustainable way for years to come," CFO Dan Morissette said in a press release.
CommonSpirit, whose revenues totaled $8.3 billion and $25.6 billion for the three- and nine-month periods, said its losses from an October cybersecurity incident currently amounted to approximately $160 million.