King of Prussia, Pa.-based Universal Health Services reported a net income of $675.6 million in 2022, a 31.9 percent drop from $991.6 million the prior year.
Seven things to know:
1. Net revenues increased 6 percent to $13.4 billion in 2022, compared with $12.6 billion in 2021.
2. UHS saw expenses increase from $11.3 billion in 2021 to $12.4 billion last year. The company reported higher expenses across all categories, including salaries, wages and benefits.
3. For the fourth quarter, net income hit $174.8 million, down from $239.1 million during the same period in 2021. Net revenues increased 5.2 percent to $3.5 billion, compared with $3.3 billion during the fourth quarter of 2021.
4. The labor shortage has led UHS to hire temporary personnel and increase wages and benefits to recruit and retain nurses and other personnel at its acute care and behavioral health hospitals in several markets, the system said in a Feb. 27 news release. At certain facilities — particularly its behavioral health segment — UHS said it has been unable to fill all vacant positions, forcing it to limit patient volumes.
5. Revenues from UHS' acute care services were up 4.1 percent year over year on a same-facility basis, while revenues from behavioral healthcare services climbed 4.2 percent.
6. For 2023, UHS projects net revenues to be approximately $14.044 billion to $14.314 billion representing a year-over-year increase of between 4.8 percent and 6.8 percent.
7. UHS has about 93,800 employees and includes 28 acute care hospitals, 331 inpatient behavioral health facilities, 39 outpatient facilities, an insurance offering and a physician network.