San Francisco-based Dignity Health, now part of CommonSpirit Health with Catholic Health Initiatives in Englewood, Colo., posted an operating loss in the quarter ended Dec. 31.
For the three-month period, Dignity Health recorded an operating loss of $33 million, according to unaudited financial documents. That's compared to an operating gain of $470 million in the same period a year prior.
Dignity Health said the change was related to California's provider fee programs. In the most recent quarter, the health system recognized net provider fee income of $108 million, down from $441 million in the same quarter a year prior.
A $744 million year-over-year dip in patient and premium revenue also affected Dignity Health's results in the most recent quarter. The health system posted total unrestricted revenues of $3.4 billion in the three months ended Dec. 31, down 18 percent from $4.2 billion during the same period a year prior.
At the same time, expenses fell 6.9 percent year over year to $3.4 billion in the most recent quarter. A $269 million investment loss also affected the health system's bottom line in the most recent quarter. Dignity Health recorded a $318 million net loss in the three months ended Dec. 31, compared to net income of $609 million in the same period a year prior.
In combination with Catholic Health Initiatives, the two organizations reported $29.2 billion in revenues in fiscal year 2018.
More articles on healthcare finance:
Ohio hospital to close after 105 years
Kansas hospital abruptly closes
Tower Health points to Epic install costs for operating loss