Ascension records $1B annual loss

Ascensions revenue stayed mostly flat year over year in fiscal 2020, however the St. Louis-based health system ended the period with a loss, according to monetary documents..

Total admissions, emergency situation space sees, outpatient and inpatient surgical treatments, center and immediate care visits were down year over year in fiscal 2020. However, patient volume started to recover in the fourth quarter. The system said patient discharges in June were at 90 percent of their June 2019 levels..

Overall admissions, emergency situation room check outs, outpatient and inpatient surgeries, clinic and urgent care gos to were down year over year in financial 2020. The health systems costs climbed up 2.7 percent to $25.7 billion in fiscal 2020. The boost was mainly due to expanded service lines, benefit raises and IT costs, Ascension said.

The 150-hospital system reported operating profits of $25.3 billion in 2020, down less than 1 percent from a year previously. Net patient service profits decreased in the most recent due to a drop in patient volume credited to the COVID-19 pandemic..

Ascension ended the most current financial year with an operating loss of $639.4 million, compared to operating income of $130.6 million a year previously..

The health systems expenses climbed up 2.7 percent to $25.7 billion in financial 2020. The increase was mainly due to broadened service lines, benefit raises and IT costs, Ascension stated. Overall salaries, wages and advantages increased 2.5 percent year over year..

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After factoring in nonoperating items, including losses from investments of $410.2 million, Ascension reported a bottom line of $1.04 billion in financial 2020. A year earlier, the health system reported financial investment gains of $1.1 billion and net earnings of $1.23 billion..

” COVID-19 has actually been experienced across all Ascension markets, to varying degrees, and has had an unfavorable effect on the systems profits and operating margin,” the health system said..

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The health system said its charity care costs climbed up 9.8 percent year over year to $665 million. The increase was primarily attributable to more patients getting approved for monetary support, Ascension said..