Sutter Well being reviews $249M internet loss in 2022

Sutter Well being’s funds took a big downturn final yr after a robust efficiency in 2021, in keeping with a report the nonprofit well being system issued Wednesday.

Sutter Well being suffered a internet lack of $249 million in 2022, a serious decline from the $1.14 billion acquire the Sacramento, California-based firm recorded in 2021. By the top of 2022, affected person quantity had practically returned to the place it have been earlier than the COVID-19 pandemic, which contributed to income rising 3.9% to $14.77 billion, the corporate reported.

Funding losses totaled $578 million, and bills rose 3.3% to $14.5 billion final yr. Worker compensation prices declined 1.7%, however the price of bought providers rose 14.6%. Samuel Merritt College’s transition to a standalone nonprofit establishment in January 2022 resulted in a $208 million hit.

The well being system intends to proceed investing in enlargement, rising capability and addressing staffing issues, CEO Warner Thomas stated this month.

Sutter Well being’s capital spending grew by $85 million in 2022, together with tasks at Sutter Davis Hospital and Sutter Santa Rosa Regional Hospital. Within the coming years, Sutter plans to determine ambulatory care facilities in Northern California, spend money on know-how and construct up coaching applications to enhance its expertise pipeline.