Intermountain Health’s merger with SCL Health bolstered the nonprofit health system’s financial performance by $4 billion last year, the company disclosed Tuesday.
Net income grew 6.5% to $2.63 billion in 2022 while revenue rose 29.6% to $13.94 billion.
Not counting the merger-related boost, Salt Lake City-based Intermountain Health recorded a net operating income of $121 million in 2022—an 81.6% plunge from 2021. This reflects a challenging economic environment characterized by rising costs for labor, supplies and other priorities. Expenses rose 36.9% to $13.16 billion, including a 47.3% jump in employee compensation spending.
Intermountain Health, which operates 33 hospitals, nearly 400 clinics and a health insurance business that covers about 1 million people, also sustained $1.57 billion in investment losses last year.
Intermountain and Broomfield, Colorado-based SCL Health finalized their merger last April. The companies touted the benefits of scaling digital services while not materially consolidating their operations.
Source : Modern Healthcare