Tower Health’s operating loss more than doubles

The health system ended financial 2020 with an operating loss of $378.2 million, compared to an operating loss of $178.8 million a year previously..

Tower Health reported higher income in the 12 months ended June 30, however the West Reading, Pa.-based health system ended the duration with an operating loss, according to just recently launched unaudited monetary files..

The health system stated it had 147 days money on hand since June 30, up 7 days from a year previously.

To assist offset monetary damage from the COVID-19 pandemic, Tower Health furloughed 773 employees, which will result in annual cost savings of $76 million. The system likewise received $165 million ahead of time Medicare payments, which need to be repaid, and $98 million in grants under the Coronavirus Aid, Relief and Economic Security Act..

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The health system reported income of $1.96 billion in the fiscal year 2020, up from $1.75 billion a year previously. Greater expenses and decreases in client volume hindered earnings development..

Tower Health stated expenses climbed up nearly 21 percent year over year, to $2.3 billion in financial 2020. In the most current , the health system taped $30.4 million in one-time expenditures– $19.6 million related to Epic execution expenses at newly obtained healthcare facilities, and the rest was related to other one-time deal expenses..

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After considering nonoperating items, the health system tape-recorded a net loss of $346.5 million in financial 2020. A year previously the system reported a bottom line of $141.8 million..