May 17, 2022 – Chicago-based hospital system CommonSpirit health posted a $591 million quarterly operating loss for the most recent quarter ending on March 31, according to a report from Becker’s Hospital Review.
According to the report, CommonSpirit “saw revenues decline 6.6 percent year over year to $8.3 billion in the third quarter of fiscal year 2022” and saw total operating expenses rise to nearly “$8.9 billion in the three months ended March 31, up from $8.3 billion in the same period a year earlier.” Salary and benefits expenses increased from $4.2 billion in 2021 to almost 4.7 billion in the most recent quarter.
This is just another example of the challenges that healthcare providers are facing in an over two-year battle with the COVID-19 pandemic, as healthcare professionals continue to struggle with burnout and exhaustion. Despite these challenges, CommonSpirit did see returning volumes, new affiliations and a stable payer mix bolster its net patient and premium revenue during the quarter.