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Trinity Health reported an operating loss of $344.7 million for fiscal 2020, compared to running earnings of $106.8 million a year previously..
After considering investments and other nonoperating products, Trinity Health published a net loss of $75.5 million in financial 2020, down from net income of $786 million in fiscal 2019. Lower nonoperating gains in the most recent financial year were primarily driven by the pandemics impact on international investment market conditions, the health system said..
Trinity Health saw profits decrease 2.4 percent year over year to $18.8 billion in the 12 months ended June 30. The health system attributed the drop in earnings to the COVID-19 pandemic and the divestiture of Camden, N.J.-based Lourdes Health System in June 2019..
The 92-hospital systems costs were down 1.4 percent year over year in fiscal 2020. Trinity Health took numerous actions to lower operating and capital costs in reaction to the pandemic, including carrying out furloughs and reducing wages for executives..
Trinity Health saw profits decrease in fiscal year 2020, and the Livonia, Mich.-based health system ended the duration with a loss, according to just recently released monetary documents..