Palo Alto, Calif.-based Stanford Health Care, one of the top-ranked healthcare groups in the country, reported a significant decline in its overall income for 2022 as expenses rose and as investment values slumped.
While operating revenue increased for the fiscal year ending Aug. 31, 2022, the group's operating expenses rose nearly $800 million, or 12.9 percent, to total $6.9 billion, mainly driven by a jump in salary and benefits cost. Investment declines further dragged down the group's performance so that it finished the year with a gain of $395.5 million compared with a gain in 2021 of $1.58 billion.
The system finished the fiscal year with 274 days of cash on hand versus 318 at the same time last year.
Stanford Health Care-Stanford Hospital is ranked No. 10 on U.S. News & World Report's "Best Hospitals Honor Roll." It is nationally ranked in 11 adult specialties and rated high performing in two adult specialties and 18 procedures and conditions.