4sight Health May 26, 2022
As health systems report their earnings for the first quarter of 2022, the red ink is flowing in torrents. This is mostly due to financial losses on investment portfolios. More concerning, however, are hospitals’ substantial operating losses.
During a Fitch Ratings webinar on the mounting pressures confronting not-for-profit providers, Senior Director Kevin Halloran described health systems’ current financial performance as follows,
No matter how you look at it, the first quarter of 2022 will be one of the worst on record for most providers.
The last time health systems experienced this level of financial distress was in the late 1990s. The Balanced Budget Act of 1997 imposed severe budget cuts on healthcare providers which led to sizable operating losses.
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