St. Joseph’s Hospital Health Center in Syracuse, New York, reported a loss of $13 million over the fiscal year ending June 30, 2016, according to Syracuse.com. St. Joe’s only brought in about $664 million in revenue, but the hospital’s expenditures totaled nearly $667 million.
The loss is also bad news for Trinity, one of the largest Catholic health care systems in the U.S. Trinity acquired St. Joseph’s last year and has pledged to invest $60 million in St. Joe’s over a four-year period. Trinity, which operates nearly 100 hospitals nationwide, blamed business decisions as well as the high costs of labor, supplies and purchased services.
In brighter news, the company announced that it raised about $173,000 at its annual golf fundraiser. For more information about how you can improve your hospital’s financial efficiency, contact Professional Medical Services today.