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November 30, 2023
Providence posts $310M operating loss in Q3
Summary
Providence reported a Q3 operating loss of $310M, down from last year's $164M, despite a 5% YOY revenue increase. Performance impacted by a 7% expense increase due to wage rises, higher supply and patient service costs. The system prioritizes recruitment and retention to reduce agency staffing reliance, addressing discharge challenges and increasing surgical capacity across facilities. Despite losses, an $857M operating loss for the nine months ending September is reported, lower than last year's $1.1B.
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