Providence, R.I.-based Lifespan reported multimillion dollar losses both for the fourth quarter and full year amid a familiar litany of labor and supply shortages as well as investment losses.
While the group's fourth quarter ending Sept. 30 saw a net overall loss of $45.6 million, the equivalent loss for the year totaled $187.6 million. Those figures compare with $11.4 million and $161.6 million gains in 2021 for the equivalent quarter and full year, respectively.
Total operating expenses increased almost 5 percent, or $33.1 million, in the fourth quarter compared to the same period in 2021, due primarily to increases in compensation and benefits of $32.4 million, Lifespan said.
In addition to labor and supply pressures, Lifespan also lost money on investments, reporting $31.2 million and $104.6 million losses for the quarter and year, respectively, compared with gains in 2021 of $1.2 million in the fourth quarter and $88.7 million for the year.
The Rhode Island health system is in crisis due to such sustained financial pressures, Lifespan CFO David Kirshner warned in September. Last month, the hospital group, which operates seven hospitals in the state plus multiple other locations, hired a new CEO and president, John Fernandez.