San Francisco-based 37-hospital system Dignity Health has reported a $15.2 million operating loss for the first quarter of fiscal 2015, which is a significant change from the $243 million operating surplus the system posted for the same period one year ago.
Dignity posted $2.7 billion in revenue for the quarter ended Sept. 30, down from $2.8 billion in the same period of last year. The system's expenses for the quarter increased to $2.7 billion, up from $2.6 billion in the same quarter of last year.
The system reported a loss attributable to its investments for the first quarter of fiscal 2015, which resulted in Dignity ending the quarter with a $28.9 million overall loss.
Last year, California's provider-fee program added $57.6 million in income to Dignity's balance sheet. However, this year, the system lost out on that revenue, as the provider-fee program is still waiting on CMS approval.
More articles on healthcare finance:
8 states where hospital grant funding will fall in 2015
3 top revenue cycle management vendors based on user satisfaction
Henry Ford Health System's surplus falls to $15.25M in first nine months of 2014