Daily News | Jefferson Health posts $117 million loss, as temporary staffing costs remain higher than expected
Thomas Jefferson University on Monday reported a $117 million operating loss for the nine months thatJefferson is typically the first of the not-for-profit health systems in the Philadelphia region to report quarterly financial results to municipal bondholders. Experts expect results for the March quarter to show that many health systems are still struggling financially because their costs have outpaced revenue growth and federal COVID aid has stopped.
A bright spot for Jefferson, which owns the most hospitals in the Philadelphia region, was Health Partners Plans Inc. The not-for-profit Medicaid and Medicare insurer had a $36 million operating profit, helping offset a $153 million operating loss at Jefferson’s 18 hospitals and other clinical businesses.
The report to municipal bond investors showed that Jefferson had $7 billion in revenue in the first three quarters of the fiscal year that ends June 30. Overall, revenue was, which Jefferson completed in late 2021. Also that fall, Jefferson completed its acquisition of Einstein Healthcare Network.its loss. Temporary staffing costs totaledcosts in the quarter included interest on borrowings from a line of credit, employee severance, and support to St.
Neither Jefferson nor Tower Health, which owns St. Chris, provided details on that support to the North Philadelphia safety-net hospital.divided Jefferson’s 18 hospitals into three regions , each with its own president, a change designed to help integrate Jefferson’s hospitals. Among those who lost their jobs were Richard J. Webster, president of Thomas Jefferson University Hospital in Center City and Magee Rehabilitation Hospital, and Alison Ferren, president and chief operating officer of Abington Health.
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