Toledo, Ohio-based ProMedica reported a $39.8 million operating loss in the second quarter, a slight improvement on the $61.7 million loss in the prior-year period but down from the $29.6 million operating gain it posted in the first quarter.
ProMedica reported losses on all three of its major segments — hospitals, senior care and the Paramount Health Plan — in the second quarter, according to financial documents published Aug. 14.
In the second quarter, overall expenses increased 2.7 percent year over year to $797.3 million from $776,218, but labor costs decreased 2.5 percent to $388.8 million. Total revenue for the quarter was $812.4 million, a 7.4 percent year-over-year increase.
After factoring in nonoperating items, the 11-hospital system ended the second quarter with an $83.6 million net loss, down from $170.3 million during the same period in 2022.
As of June 30, ProMedica had $740.7 million of unrestricted cash and investments to fund operational and capital expenditures.