Detroit-based Henry Ford Health System lost $12 million in fiscal year 2013 as expenses outpaced revenue and admissions dropped systemwide.
According to audited financials, revenue increased only 0.7 percent to almost $4.52 billion, with roughly half that total coming from its health plan premiums, and expenses rose 1.6 percent. Salaries, benefits, supplies, health plan expenses, plant operations and repairs were all up in 2013.
However, the five-hospital HFHS was still able to post $480,000 in total profit. Last August, the system sold the assets its 57 percent ownership interest in Dialysis Partners of Northwest Ohio for $26 million, which helped cover some of its operating losses. HFHS is also in the process of selling its long-term care facilities and part of its medical equipment division.
Total admissions, excluding newborns, were down almost 5 percent across the system, according to unaudited utilization statistics. At the system's flagship, Henry Ford Hospital, admissions were down 12.2 percent alone. Outpatient facility visits rose 0.8 percent, totaling almost 2.96 million.
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