Chicago-based CommonSpirit Health, one of the largest nonprofit healthcare systems in the country, reported an adjusted operating loss of $291 million on revenue of $8.9 billion for the first quarter of fiscal 2024, ending Sept. 30.
The adjusted figure reflects the effects of the California provider fee program. Without such an adjustment, the system reported an operating loss of $441 million versus a $23 million gain the previous year.
The adjusted figures compared with an operating loss of $227 million in the same period last year with revenue of $8.5 billion. Salaries and benefits increased $174 million over the prior year period, or 3.9%.
The overall net loss for the 142-hospital system totaled $738 million as CommonSpirit reported net investment losses of $289 million.
"Despite significant industry and economic headwinds, CommonSpirit was able to extend the momentum achieved in the previous quarter," CFO Dan Morissette said in a statement. "While this is encouraging, we take nothing for granted. More efforts are underway to provide the strong financial foundation this health ministry needs to provide care to everyone in the communities we serve, including the most vulnerable."