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Member, Beacon International Group, Ltd.
Investment losses, an increase in COVID-19 expenses and rising costs overall drove Kaiser Permanente to a net loss of $961 million in the first quarter, down from a net income of $2 billion at the same time last year, reports Healthcare Dive. Growth in the Oakland, California-based integrated health system’s expenses outstripped its revenue growth, resulting in a $72 million operating loss, according to financial data released May 6. In comparison, Kaiser brought in operating income of $1 billion in the first quarter of 2021.