Cleveland-based MetroHealth reported operating loss for the quarter ending Sept. 30, but $24.3 million operating income for the 2022 calendar year so far shortly after the system's CEO departed.
The health system's board of trustees fired Akram Boutros, MD, Nov. 21 after alleging he failed to disclose $1.9 million in supplemental bonuses from 2018 to 2022. Dr. Boutros has filed a lawsuit against the board and board Chair Vanessa Whiting, alleging retaliation after Dr. Boutros accused the board of violating open meeting laws.
Five notes from MetroHealth's financial report.
1. Operating revenue hit $387.3 million for the third quarter and $1.15 billion for the nine months ending Sept. 30. The nine month results are slightly above the same period last year, when the health system reported $1.11 billion revenue.
2. MetroHealth reported a $5.1 million operating loss for the third quarter, compared to $24.3 million income for the third quarter of 2021. At the nine month's end, the health system reported $24.3 million income, compared with $76.8 million over the same period last year.
3. Third quarter salary and wages hit $191.4 million, up from $175.2 million for the third quarter of 2021. Employee benefits were also up slightly to $24.1 million. For the nine month's end, salaries and wages were up 9 percent to $558.6 million.
4. Medical supplies expenses hit $27.5 million for the quarter, up from $25.4 million in the same period last year. For the nine months end, medical supply expenses hit $78.4 million and pharmaceuticals expenses jumped 14 percent year over year to $132.6 million.
5. MetroHealth reported 175 days cash on hand as of Sept. 30.