Vancouver, Wash.-based PeaceHealth has trimmed its operating losses after closing its Eugene (Ore.) University District Hospital, according to financial documents published May 13.
The nine-hospital system, which operates facilities in Washington, Oregon and Alaska, reported a $69,6 million operating loss for the nine months ended March 31, compared to a $191.8 million loss during the same period last year.
PeaceHealth closed the "underutilized" Eugene University District Hospital in December because of unsustainable negative operating margins and shifted services to its Riverbend, Ore., campus in early 2024.
For the nine months ending March 31, health system revenue increased 5.6% year over year to $2.6 billion while expenses grew by 0.4% to $2.5 billion. Labor costs decreased by 1.5% to $1.3 billion.
After accounting for nonoperating items, such as investment returns, PeaceHealth reported a net income of $83 million for the nine months ending March 31, compared to a net loss of $103.6 million during the same period in 2023.