It's a familiar story: hospital and healthcare systems reporting substantial losses amid labor challenges and poorer returns on investment portfolios.
Bolivar, Mo.-based Citizens Memorial Hospital is no different. The hospital system, which last year revealed plans for a $77 million expansion, reported Jan. 18 a net loss of $1.26 million for the period ending November 2022 while it had budgeted for net income of over half a million.
But there may be some light at the end of the long tunnel. Expenses, though still elevated, came in below budget, totaling just over $100 million, 3 percent lower than budgeted.
While 2022 was one of the most difficult years financially for nonprofit healthcare systems, the outlook for 2023 does provide some cautious optimism, Fitch Ratings said Jan. 11.
Citizens Memorial employs 745 people with 727 licensed beds. Its operating revenue is approximately $61 million, according to the company's website, though its most recent filing reported net revenue of almost $100 million for the period ended in November.