Intermountain Health’s operating profit fell 82% in 2022
The company said Tuesday that Intermountain Health’s merger with SCL Health bolstered the nonprofit health care system’s financials by $4 billion last year.
Net income rose 6.5% to $2.63 billion in 2022, while revenue rose 29.6% to $13.94 billion.
Excluding merger-related growth, Salt Lake City-based Intermountain Health recorded a net operating income of $121 million in 2022, down 81.6% from 2021. This reflects a challenging economic environment with rising labor costs, consumables and other priorities. . Spending rose 36.9% to $13.16 billion, including a 47.3% increase in employee compensation costs.
Intermountain Health, which operates 33 hospitals, nearly 400 clinics and a health insurance business covering about 1 million people, also posted a $1.57 billion loss last year.
Broomfield, Colorado-based Intermountain and SCL Health completed their merger last April. Companies touted the benefits of scaling digital services without significant consolidation of their operations.