High labor costs and shaky financial markets contributed to Advocate Aurora Health's $750.83 million net loss in 2022, a steep drop from the $1.85 billion gain it reported a year ago.
Advocate Aurora, now part of the larger Advocate Health organization, posted a $23.89 million operating loss in 2022. Investment losses totaled $723.23 million, the nonprofit health system disclosed Tuesday.
The results do not include any contribution from Charlotte, North Carolina-based Atrium Health, a spokesperson said. In December, Advocate Aurora completed its merger with Atrium Health, creating a system called Advocate Health with $27 billion in annual revenue, 67 hospitals across six states and almost 150,000 employees.
Advocate Aurora's revenue rose 3.4% to $14.54 billion, with 3.1% growth in patient service revenue. Expenses jumped 8.2% to $14.53 billion, including an 11.7% increase for salaries and wages and a 4.5% increase for supplies and purchased services.
In the fourth quarter, Advocate Aurora reported net income of $160.83 million, a nearly 60% drop from a year ago. Revenue increased 0.3% to $3.78 billion, and expenses rose 6.4% to $3.85 billion.