Springfield, Ill.-based Hospital Sisters Health said it reduced contract labor costs by $56.2 million, or 43.4 percent, to $73.2 million when it reported financial results for the fiscal year ending June 30.
The 17-hospital system reported an operating loss for the year, however, of $93.5 million as overall expenses rose 3.4 percent to top $3 billion. Total revenues for the fiscal year were $2.94 billion, up from $2.86 billion in the previous fiscal year
Operating performance improved sequentially throughout the year, with the fourth quarter recording a 0 percent margin following three negative quarters, the system said.
Net income totaled $193.3 million compared with a loss of $134.1 million in fiscal 2022, and days' cash on hand was 200 compared to 236 days as of June 30, 2022.