Philadelphia-based Temple University Health has reported an operating loss for the fiscal year ended June 30 of $63.8 million on revenue of $2.6 billion.
The loss compares with a $70.2 million gain for the same period ending June 30, 2022, resulting in a $134 million swing. Expenses for the three-hospital system rose 9.3 percent to $2.7 billion, with salaries accounting for $1.2 billion of that figure, up 9.6 percent on the previous year.
Net income was $6.2 million versus $233.95 million in 2022, but that year included a $234.6 million gain from a sale of its investment in Health Partners Plans.
Temple ended the 2023 fiscal year with 122 days' cash on hand, down from 170 the previous fiscal year.
Temple Health, which recently hired former Wisconsin-based Bellin Gundersen CFO Gerald Oetzel as its CFO, has had its outlook revised downward to stable in two recent rating actions.