Renton, Wash.-based Providence posted an operating loss of $123 million in the second quarter of 2024, a $79 million improvement from the $202 million loss the 51-hospital system posted during the same period last year.
Operating revenues increased by 6% compared to the same period last year, according to an Aug. 21 Providence news release shared with Becker's. Operating expenses increased 5% for the three months ended June 30.
Providence saw higher volumes in the second quarter of 2024, according to the release. Inpatient admissions and case mix adjusted admissions were both up 5% compared to the same period last year.
"Despite ongoing headwinds, our strategies for renewal and recovery are driving positive results, and we remain focused on continued improvement in 2024," Providence CFO Greg Hoffman said in the release.
In the first six months of 2024, Providence posted an operating income of $52.5 million, up from an operating loss of $547 million posted over the same period last year, according to its financial report released Aug. 21.
Operating revenues for the six-month period were $15.5 billion, compared to $14 billion over the same period last year. Total operating expenses were $15.4 billion, compared to $14.6 billion over the same period in 2023.
Providence posted a net income of $289.2 million for the six-month period, up from a net loss of $232.1 million over the same period last year.