Doctors News Hubb
Advertisement Banner
  • Home
  • News
  • Healthcare
  • Public Health
  • Paramedic
  • Nursing
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Healthcare
  • Public Health
  • Paramedic
  • Nursing
  • Contact Us
No Result
View All Result
Doctors News Hubb
No Result
View All Result
Home Healthcare

Kaiser Permanente posted $4.47B net loss in 2022 as costs rose

admin by admin
February 11, 2023
in Healthcare


Kaiser Permanente is the latest health system showing signs of struggle amid rising costs.

Kaiser, an Oakland, California-based integrated nonprofit, on Friday reported a $4.47 billion net loss in 2022, compared with a $8.08 billion gain in 2021.

Operating revenue came to $95.41 billion, a 2.4% increase from 2021. Expenses rose 4.5% to $96.68 billion, driven by increased care volume due to previously deferred procedures, higher costs of goods and increased spending on labor.

Kaiser lost $3.2 billion due to poor market performance on investments.

Pressures on labor costs will be an ongoing factor for the system. More than 70% of Kaiser’s workforce is represented by labor unions. In late 2022, Kaiser and the California Nurses Association ratified a new contract for more than 21,000 workers after months of tense negotiations. The contract involves a 6% pay increase for two years, followed by a 5.25% increase in the third and fourth years, said Tom Meier, corporate treasurer.

Meier said Kaiser’s contract labor costs have nearly returned to normal levels. He attributed the downward trend to a more streamlined recruiting process and competitive compensation packages.

Care and testing for COVID-19 was still a significant cost factor in 2022, Meier said. 

“It hasn’t really dropped off. In fact, it [was] higher in 2022 than it was in 2021,” he said. “When you look at the fourth quarter, it was impacted by more flu and RSV and not as much by COVID, so hopefully we’re seeing an end in sight.”

To help save money, Kaiser re-evaluated the necessity of vacant positions, cut discretionary spending and worked to reduce administrative costs. But Meier said the system still kept its 2022 capital spending steady with 2021 and increased its community health investments by about $200 million.



Source link

Advertisement Banner
Previous Post

Elia Stupka, Angelini Ventures – The Health Care Blog

Next Post

Long-Acting Injectable Preferred for HIV Preexposure Prophylaxis

Related Posts

Healthcare

Ending violence against healthcare workers starts with leadership

March 26, 2023
Healthcare

Medicaid for rent? California wants Med-Cal to cover 6 months of rent

March 25, 2023
Healthcare

Throw Away That Phone – The Health Care Blog

March 25, 2023
Healthcare

Outcome Health fraud trial: Prosecution finishes its case

March 24, 2023
Healthcare

THCB Gang Episode 121, Thursday March 23 – The Health Care Blog

March 24, 2023
Healthcare

Bright Health under supervision in Tennessee

March 23, 2023
Next Post

Long-Acting Injectable Preferred for HIV Preexposure Prophylaxis

Recommended

Cushing’s Syndrome eBook

4 months ago

Over-the-Scope Clip Beneficial for Nonvariceal Upper GI Bleeding

1 day ago

Telehealth treatment is effective in managing behavior problems in children with developmental delay

2 months ago

More Biosimilars Marketed in Germany, Switzerland Than U.S.

4 months ago

AHCJ’s new patient safety core topic leader is veteran health care reporter

4 months ago

© 2022 Doctors News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Healthcare
  • Public Health
  • Paramedic
  • Nursing
  • Contact Us

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Healthcare
  • Public Health
  • Paramedic
  • Nursing
  • Contact Us

© 2022 Doctors News Hubb All rights reserved.