Ascension posts $1.1B net loss for 2024 after May cyberattack

Healthcare DIVE September 19, 2024
Susanna Vogel

The cyberattack had far reaching effects, forcing the health system to shut down pharmacies, divert ambulances, switch to manual record keeping and close critical systems.

Dive Brief:

• Ascension was on track for a strong financial recovery in 2024, until it was hit by a cyberattack in May that led to costly systemwide disruptions and operation delays, the system reported in a securities filing this week.
• The system reported an operating loss of $332 million for the first 10 months of the year ended April 30 — a significant improvement compared to the $1.9 billion loss it reported during the same period the year prior. However, Ascension’s operating loss ballooned to $1.8 billion by the end of its fiscal year.
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