Philadelphia-based Temple University Health System, which operates four major hospitals in the city, reported an overall net quarterly loss of $64.2 million as it dealt with lower patient revenues, higher expenses and loss on investment income.
That figure for the period ending Sept. 30, compared with a net income of $57.4 million in the same period last year.
"The year-over-year decrease in operating income was driven by timing of Commonwealth funding, decreases in net patient service revenue and population health revenue, and an increase in operating expenses," hospital management said in a statement.
The hospital group, which was awarded a Leapfrog "A" rating for the fifth straight year Nov. 16, also lost $22.4 million in investment returns for the period "due to decreases in the market value of equity securities." That compared with just $90,000 of losses in the same period in 2021.