{"id":621268,"date":"2023-03-23T17:49:29","date_gmt":"2023-03-23T22:49:29","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/23\/bon-secours-mercy-healths-2022-losses-exceed-1-billion\/"},"modified":"2023-03-23T17:49:29","modified_gmt":"2023-03-23T22:49:29","slug":"bon-secours-mercy-healths-2022-losses-exceed-1-billion","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/23\/bon-secours-mercy-healths-2022-losses-exceed-1-billion\/","title":{"rendered":"Bon Secours Mercy Health’s 2022 losses exceed $1 billion"},"content":{"rendered":"

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Bon Secours Mercy Health posted a $1.2 billion net loss in 2022, compared with a $997.7 million gain the prior year, the Catholic nonprofit health system disclosed this week. The change was largely driven by decreased returns on investment amid struggling financial markets.<\/p>\n

Cincinnati-based Bon Secours Mercy’s revenue rose 2.1% to $11.1 billion, while operating expenses rose 6.8% to $11.43 billion. Costs related to employee compensation alone jumped 9.6% to $5.93 billion.<\/p>\n

In addition to rising labor costs, many health systems nationwide are struggling with inflated prices on supplies and pharmaceuticals, plus lost revenue from fewer hospital admissions<\/a>.\u00a0<\/p>\n

Bon Secours Mercy’s\u00a0investment losses for 2022 totaled $925.33 million.\u00a0<\/p>\n

Bon Secours and Mercy Health merged in 2018<\/a>, forming a system that operates 48 hospitals and more than 1,200 care sites across seven U.S. states and Ireland.<\/p>\n

Bon Secours Mercy did gain $119.2 million from further reducing its stake in revenue cycle management operation Ensemble Health Partners, after already selling\u00a0 a majority stake to Golden Gate Capital in 2019<\/a>. Another $58.3 million came from selling multiple senior living facilities in Ohio, part of the system’s pivot away from skilled nursing and assisted living.<\/p>\n

To curb financial losses, Bon Secours Mercy said it is reducing contract labor and spending less on external vendors. It expects to reach about $280 million in run-rate savings by the end of the year.<\/p>\n

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\n Caroline Hudson<\/p>\n","protected":false},"excerpt":{"rendered":"

Skip to main content Bon Secours Mercy Health posted a $1.2 billion net loss in 2022, compared with a $997.7 million gain the prior year, the Catholic nonprofit health system disclosed this week. The change was largely driven by decreased returns on investment amid struggling financial markets. Cincinnati-based Bon Secours Mercy’s revenue rose 2.1% to<\/p>\n","protected":false},"author":1,"featured_media":621269,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[960,115039],"tags":[],"class_list":["post-621268","post","type-post","status-publish","format-standard","has-post-thumbnail","category-mercy","category-secours"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/621268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=621268"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/621268\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/621269"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=621268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=621268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=621268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}