Trinity Health recorded a $1.43 billion net loss for the fiscal year that ended June 30, a steep drop from $3.85 billion in net earnings the prior year, the not-for-profit Catholic health system disclosed last week.
Full-year revenue for the Livonia, Michigan-based company came to $19.93 billion, a 1.14% decrease from its fiscal 2021. Expenses were up 4% to $20.08 billion, including an 8.17% jump in labor spending to $11.14 billion as costs for contract workers “reached unprecedented highs,” the company reported. Trinity Health noted improvement in contract labor spending in its fourth quarter.
Less federal support to deal with the COVID-19 pandemic also impinged Trinity Health’s performance. The health system received $140.5 million during fiscal 2022 compared with $618.8 million in the previous fiscal year.
Several health systems have faced big losses this year as the industry struggles to fill open jobs and faces higher supply costs. Last month, Chicago-based CommonSpirit Health reported a $1.85 billion net loss and St. Louis-based Ascension reported a $1.84 billion net loss for fiscal 2022.