Salisbury, Md.-based TidalHealth reported a 2022 operating loss of approximately $31 million as the healthcare system struggled with increased staffing costs.
While the health system's operating revenue was slightly up for the year, both permanent and temporary staffing costs rose to take overall expenses to a total of nearly $424.9 million. Salaries were up 10.1 percent, and temporary labor costs increased 7.1 percent.
TidalHealth reported an overall loss of $25.8 million for 2022, compared with a $3.8 million loss in 2021.
The system, which had its previously stable rating outlook revised to negative by S&P Global Feb. 2, operates two hospitals in Maryland and Delaware as well as several specialty clinics, primary care locations, an insurance division and assisted living complexes.