Intermountain Health operating income to drop 82% in 2022

Intermountain Health’s merger with SCL Health boosted the nonprofit health system’s financial performance by $4 billion last year, the company disclosed Tuesday.

Net income is projected to increase 6.5% to $2.63 billion in 2022 while revenue is expected to increase 29.6% to $13.94 billion.

Excluding merger-related incentives, Salt Lake City-based Intermountain Health reports net operating income of $121 million in 2022—a decline of 81.6% from 2021. This reflects a challenging economic environment characterized by rising costs for labor, supplies and other priorities. , Expenses rose 36.9% to $13.16 billion, including a 47.3% jump in employee compensation expense.

Intermountain Health, which operates 33 hospitals, nearly 400 clinics and a health insurance business covering nearly 1 million people, also posted investment losses of $1.57 billion last year.

SCL Health in Intermountain and Broomfield, Colorado finalized their merger last April. companies told the benefits Scaling digital services while not physically consolidating their operations.

Source link

Leave a Comment