Several health systems have recently released financial results for the second quarter and first half of this year, with many seeing higher expenses offset revenue gains.
Below are 13 health systems that recently released financial results.
Results for the first half of 2022
- Pittsburgh-based UPMC reported revenue of $12.5 billion in the first six months of this year, up from $12.2 billion in the same period of 2021. The health system ended the first half of this year with operating income of $81.9 million, down 86 percent year over year. The decline was largely due to higher expenses, which increased from $11.6 billion in the first half of 2021 to $12.4 billion in the first six months of this year.
- For the first six months of this year, Intermountain Healthcare reported revenue of $6.5 billion, up 25 percent year over year. The 33-hospital system's expenses totaled $5.9 billion in the first half of this year, up 31 percent from $4.5 billion in the same period last year. Salt Lake City-based Intermountain ended the first two quarters of this year with operating income of $288 million, down from $461 million in the same period last year.
- Advocate Aurora Health, which has dual headquarters in Downers Grove, Ill., and Milwaukee, reported revenue of $7.1 billion in the first two quarters of this year, up from $6.7 billion in the same period a year earlier. Expenses climbed 9 percent year over year to $7 billion in the first six months of this year. Advocate Aurora ended the first half of this year with operating income of $51.2 million, down from $264.6 million in the same period of 2021.
- In the first two quarters of this year, Detroit-based Henry Ford Health reported revenue of $3.41 billion, up from $3.36 billion in the same period a year earlier. After factoring in expenses, which grew 4.4 percent year over year, the health system ended the first six months of this year with an operating loss of $74.77 million and an operating margin of -2.2 percent. Henry Ford Health reported operating income of $19.29 million in the first half of 2021.
- For the six months ended June 30, Renton, Wash.-based Providence reported revenue of $12.7 billion, up 2 percent year over year on a pro forma basis. The pro forma results exclude the operations of Newport Beach, Calif.-based Hoag Hospital. For the six months ended June 30, the health system reported operating expenses of $13.6 billion, up 8 percent year over year on a pro forma basis. Providence ended the first two quarters of this year with an operating loss of $934 million, compared to an operating loss of $94 million in the same period a year earlier.
Results for the second quarter
- Rochester, Minn.-based Mayo Clinic's revenue totaled $4.03 billion in the second quarter of this year, up from $3.94 billion in the same period a year earlier. The nonprofit health system's expenses climbed 11 percent year over year to $3.88 billion in the second quarter of 2022. Mayo Clinic ended the second quarter of this year with operating income of $155 million, down 66 percent from $451 million in the same quarter of 2021.
- Oakland, Calif.-based Kaiser Permanente, which provides healthcare and health plans, reported operating revenue of $23.47 billion in the second quarter of 2022, down from $23.69 billion in the same quarter of 2021. The organization's expenses climbed from $23.34 billion in the second quarter of last year to $23.38 billion in the same period this year. Kaiser ended the second quarter of this year with operating income of $89 million, down from $349 million a year earlier.
- Nashville, Tenn.-based HCA Healthcare, a 182-hospital system, reported revenue of $14.82 billion in the second quarter of this year, up from $14.44 billion in the same period last year. HCA's net income totaled $1.16 billion in the second quarter of 2022, down from $1.45 billion in the same period a year ago. The second quarter of this year included $32 million in losses on the sales of facilities and and losses on retirement of debt of $78 million.
- Boston-based Mass General Brigham recorded operating revenue of $4.26 billion for the three months ended June 30, up from $4.08 billion in the same period last year. After factoring in higher expenses, the health system ended the three-month period with an operating loss of $120.18 million, compared to operating income of $128.2 million in the same quarter a year earlier.
- Dallas-based Tenet Healthcare reported revenue of $4.64 billion in the second quarter of this year, down from $4.95 billion in the same period a year earlier. The decrease was primarily attributed to the sale of the company's Miami-area hospitals in the third quarter of 2021 and the impact of a cybersecurity incident. The 60-hospital system ended the second quarter of this year with net income of $38 million, down from $119 million in the same quarter last year.
- Sacramento, Calif.-based Sutter Health's operating revenue totaled $3.49 billion in the second quarter of this year, down from $3.52 billion in the same period of 2021. The health system saw operating expenses increase to $3.55 billion in the second quarter of this year, up from $3.4 billion in the same period a year earlier. Sutter ended the second quarter of 2022 with an operating loss of $51 million. In the second quarter of 2021, the health system posted operating income of $106 million.
- Franklin, Tenn.-based Community Health Systems, which operates 83 hospitals, said revenues and admissions were down in the three months ended June 30. Admissions declined 3.4 percent year over year and revenues were down 2.4 percent compared to the second quarter of 2021. After factoring in costs and one-time expenses, the for-profit hospital operator ended the second quarter with a net loss of $326 million on revenues of $2.93 billion. CHS reported net income of $6 million on revenues of $3 billion in the same period a year earlier.
- King of Prussia, Pa.-based Universal Health Services reported higher revenue but a lower profit in the second quarter of 2022. The hospital chain's revenues increased 3.9 percent year over year to $3.3 billion in the second quarter of this year. UHS said the nationwide shortage of nurses and other clinical staff has been a significant operating issue. After factoring in nonoperating items, UHS ended the second quarter of this year with net income of $164.06 million. The company reported net income of $325.28 million in the same period of 2021.
- Cleveland Clinic's revenue totaled $3.1 billion in the three-month period ended June 30, down from $3.2 billion in the same quarter last year. The health system reported expenses of $3.1 billion in the second quarter of this year, up from $2.7 billion in the same period last year. Cleveland Clinic ended the second quarter with an operating loss of $183.5 million, compared to operating income of $339.5 million in the second quarter of 2021.