Edison, N.J.-based Hackensack Meridian Health reported an almost $100 million operating gain in 2022 on revenue of $6.8 billion.
While the 15-hospital system's revenue increased 3.6 percent compared with 2021, its expenses were up 5.1 percent. The operating income of $97.5 million compared with 2021 operating income of $182.8 million.
"The increase in expenses was primarily attributable to salaries and benefits increasing $262.7 million and supplies and miscellaneous expenses increasing $67 million," company management said.
The net loss for Hackensack Meridian was $460.8 million amid a hefty impact from investment declines. That figure compared with net income of $567.9 million in 2021.
The system has a total of 3,925 beds and had long-term debt totaling $3.2 billion as of Dec. 31, 2022.