A majority of the nation's largest health systems and payers have filed their fourth-quarter earnings reports. Becker's has compiled their year-end net incomes and losses to examine where the healthcare financial landscape stands among the largest players as of Dec. 31.
Health systems
HCA Healthcare: $5.2 billion
The nation's largest for-profit hospital system reported net income of $5.2 billion in 2023, along with $65 billion in revenue. The Nashville, Tenn.-based system recorded $1.6 billion net income in the fourth quarter.
Kaiser Permanente: $4.1 billion
Oakland, Calif.-based Kaiser's net income for 2023 was $4.1 billion, compared to a $4.5 billion net loss in the prior year. Kaiser reported $329 million in operating income in 2023, a significant improvement on the $1.3 billion operating loss it reported in 2022.
Tenet Healthcare: $1.3 billion
Dallas-based Tenet Healthcare's net income for 2023 was $1.3 billion, compared to $1 billion in 2022. Tenet's operating income hit $2.5 billion in 2023, up 12.2% from 2022. Fourth-quarter operating income increased 13.7% year over year to $735 million.
Trinity Health: $669.1 million
Note: Net income reflects only second half of 2023
Livonia, Mich.-based Trinity reported a net income of $669.1 million for the six months ending Dec. 31, compared to a $70.5 million loss year over year. Trinity reported an operating loss of $38.6 million for the first six months of fiscal year 2024 after reporting a $298 million loss over the same period last year.
CommonSpirit Health: $480 million
Note: Net income reflects only second half of 2023
The Chicago-based system reported a $480 million net income for the six-month period ending Dec. 31, compared to a $159 million net loss year over year. CommonSpirit posted an operating income of $356 million in the quarter ended Dec. 31, a significant turnaround from the $440 million loss in the same period a year earlier.
Community Health Systems: -$133 million
Franklin, Tenn.-based Community Health Systems reported a net loss of $133 million in 2023, down from a $46 million net income in 2022. CHS reported a $957 million in operating income in 2023, improving on the $821 million gain posted in 2022.
Ascension: -$238.1 million
Note: Net loss reflects only second half of 2023
St. Louis-based Ascension recorded a $238.1 million net loss for the six-month period ending Dec. 31, compared to a nearly $1.2 billion net loss year over year. On the operating front, the health system reported a $155.2 million operating loss in the second half of 2023, up from a $409.9 million loss during the same period in 2022.
Providence: -$595.7 million
Renton, Wash.-based Providence reported a $595.7 million net loss in 2023, compared to a net loss of $6.1 billion year over year. Providence reported a $1.2 billion operating loss in 2023, an improvement from a $1.7 billion operating loss in 2022.
Payers
UnitedHealth Group: $22.4 billion
Total net earnings in 2023 were $22.4 billion, up 11.2% year over year. UnitedHealthcare's total earnings from operations in 2023 were $16.4 billion, up 14.2% year over year.
CVS Health: $8.3 billion
Total net income in 2023 was $8.3 billion, up from $4.3 billion in 2022. Aetna reported nearly $5.6 billion in adjusted operating income for 2023.
Elevance Health: $6 billion
Total net income in 2023 was nearly $6 billion, up 1.6%. The insurance division reported a total operating gain of $6.9 billion in 2023, up 14.4%.
Cigna Group: $5.2 billion
Total net income in 2023 was nearly $5.2 billion, down 23% year over year. The insurance side of the business, Cigna Healthcare, reported an operating income of $4.2 billion in 2023.
Centene: $2.7 billion
Total net income in 2023 was $2.7 billion, up 124% year over year. In the fourth quarter, net income was $45 million, compared to a loss of $219 million year over year.
Humana: $2.5 billion
Total net income totaled nearly $2.5 billion in 2023, down 11.3%. The company's insurance segment reported an operating income of $2.7 billion in 2023.