Keckley Report November 21, 2022
The financial reports and deals announced last week (below) illustrate the prevalence of mixed messaging about hospitals in the market:
· Mayo announced $157M Q3 2022 income on $4.12 billion revenue. Its operative expenses increased 7.1% (9.5% YTD) and contract expenses increased 47%.
· Providence recorded a cumulative $1.1 billion operating loss during the first three quarters of this year as staffing shortages and weak market conditions. Providence reported a net operating loss of $164 million for the third quarter, compared with $424 million in the second quarter.
· Common Spirit on Tuesday reported a $397 million net loss in the first quarter of its fiscal year 2023, compared with a $269 million gain a year ago.