The COVID-19 pandemic pushed Dannville, Pa.-based Geisinger to a $94.1 million operating loss during the nine-month period ended March 31, according to recently released financial documents.
The health system said that the third quarter of fiscal year 2020 started off strong, but in March it incurred a one-month operating loss of $68 million. The system suspended elective procedures to prepare for the pandemic in the second half of March.
Through the first nine months of fiscal 2020, Geisinger saw its revenue reach $5.3 billion. This is nearly the same as the revenue Geisinger reached in the same period in fiscal 2019.
Geisinger also saw its expenses creep up through the third quarter, to $5.4 billion, up from the $5.2 billion recorded in the same period in fiscal 2019.
The health system saw a $416.6 million investment loss in the nine-month period. This compares to a $92.5 million investment gain in the same period in fiscal 2019.
Overall, Geisinger ended the nine-month period with a net loss of $549.2 million. This compares to a net income of $193.1 million in the same period one year prior.