A significant improvement in its operating revenues allowed Memorial Hospital at Gulfport (Miss.) to record a decline in its overall losses for fiscal year 2022 when compared with last year.
The hospital group reported operating revenues of approximately $800 million, up from less than $700 million in 2021. That figure helped offset a loss on investment income and higher operating expenses to leave the hospital group in a similar net position as it was at the end of 2021, recording a net position of about $243.3 million.
In April, the 328-bed hospital laid off three executives amid financial hardship that saw its credit rating downgraded by Fitch to "BBB-" from "BBB" with the outlook revised to negative from stable.
Memorial Hospital is jointly owned by the city of Gulfport and the Gulfport-West Harrison Hospital District.