Chicago-based CommonSpirit, a 142-hospital system, recently reorganized its portfolio by consolidating its eight operating divisions into five regions.
During its fiscal second quarter, the three months ended Dec. 31, CommonSpirit posted an operating income of $356 million (3.5% margin), a substantial improvement on the $440 million loss (-5.4% margin) reported in the same period in 2022.
"We are gratified to see our collective hard work result in improved financial performance this fiscal year, though we appreciate there is still more to do," CFO Dan Morissette said. "We remain focused on further improving our financial performance by exploring growth opportunities, sound investment strategy and cost containment. We are also taking steps to reverse some of the financial trends which have been exacerbated by both inflationary pressures and payers' continued unwillingness to be better partners."
Below is a breakdown of CommonSpirit's revenue by region for the second quarter of fiscal 2024 and the second quarter of fiscal 2023, adjusted to normalize the California provider fee program revenues.
Operating revenue by region for the three months ending Dec. 31, 2023:
Southern California: $1.86 billion
Northern California: $1.37 billion
California: $3.23 billion
Southwest: $1.14 billion
Midwest: $853 million
Central: $1.99 billion
Southeast: $1.04 billion
Texas: $715 million
South: $1.76 billion
Mountain: $967 million
Northwest: $1.25 billion
Operating revenue by region for the three months ending Dec. 31, 2022:
Southern California: $1.67 billion
Northern California: $1.24 billion
California: $2.91 billion
Southwest: $1.09 billion
Midwest: $675 million
Central: $1.76 billion
Southeast: $921 million
Texas: $629 million
South: $1.55 billion
Mountain: $769 million
Northwest: $1.11 billion