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CommonSpirit Health swings to nearly $1.85 billion net loss in fiscal 2022

Posted On: Sep. 26, 2022 10:19 AM CST

CommonSpirit Health has joined the chorus of major nonprofit health systems reporting 10-figure losses for the 2022 fiscal year ended June 30, reports Fierce Healthcare. The Chicago-based Catholic health care system said Sept. 23 it saw a nearly $1.3 billion operating loss and a $1.85 billion net loss across the full fiscal year, the report says. CommonSpirit cited higher admissions and increased labor costs, especially contract labor usage, for the losses.