Intermountain Healthcare Reports $2.16B Profit for Q3

According to an unaudited financial report released Thursday, Intermountain Healthcare continues to make money during a difficult time for the hospital sector, posting a net income of $2.16 billion in the first nine months of the year.

Salt Lake City’s nonprofit health care system revenue reached $10.2 billion, up 28% year-over-year. Spending rose 35% to $9.46 billion, including a 45% increase in employee compensation costs and a 30% increase in supply costs. Net operating income fell 55% to $285 million.

Intermountain Healthcare also informed $2.21 billion in investment losses in nine months as weak financial markets continue to weigh on the monetary performance of health systems.

The merger between Intermountain Healthcare and Broomfield, Colorado-based SCL Health, effective April 1, improved the company’s results this year. Intermountain operates 33 hospitals and nearly 400 clinics and employs about 59,000 people across seven states.

Intermountain announced last week that it would be promoting Chief Operating Officer Robert Allen to President and Chief Executive Officer effective December 1. Allen will replace Acting CEO Lydia Jumonville, who led the system for months after Dr. Mark Harrison stepped down to join the venture. metropolitan firm General Catalyst.

Also last week, the Rochester, Minnesota-based nonprofit Mayo Clinic reported financial problems with net operating income of $454 million in its first nine months, a sharp drop from $1.02 billion last year. Revenue rose 4% to $12.08 billion and expenses rose 9.5% to $11.62 billion.

Providence reported an operating loss of $1.1 billion in its first three quarters, which the Renton, Washington-based nonprofit healthcare system attributed in part to staff shortages and weak market conditions.

CommonSpirit Health, a Chicago-based nonprofit, reported a net loss of $397 million for the first quarter of fiscal year 2023, which ended September 30, with a 5.4% increase in operating income and a 5.6% increase in expenses.

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