Butler (Pa.) Health System, which merged with Greensburg, Pa.-based Excela Health Jan 1 to form a $1 billion revenue entity, reported an operating loss of $16.6 million in its final quarter as a separate system.
That figure compared with an operating gain of $7.6 million in the same period in 2021. Overall income for the three months ending Dec. 31 saw a net loss of $9.2 million compared with net income of $12.2 million in 2021.
The quarterly loss was mirrored in six-month figures, which saw a $23 million operating loss and an overall loss of $22.3 million in the half-year ending Dec. 31. That same period in 2021 saw operating income of $6.2 million and net income of $11.1 million.
Butler Health reported annual revenues of $472.4 million based on fiscal 2022, which ended June 30. Days of cash on hand fell from 170.3 as of June 30 to 119 at Dec. 31.
Butler Health and Excela have created a five-hospital system serving approximately 750,000 patients through their merger.