Corewell Health’s operations finished 2022 in the black despite escalating costs for labor, supplies and drugs, but the health system reported an overall net loss as the market deeply affected the performance of its investments.
The largest in-state health system in Michigan recorded nearly $157.8 million in net operating income on $13.8 billion in total operating revenues across all business units. That equates to a 1.1-percent operating margin, well below the 2.8 percent budgeted for 2022 but “a great result when we compare it to other places across the country,” CFO Matt Cox told Crain's sister publication MiBiz.
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Given the financial pressures health systems face today, Cox said he’s “never been so proud” to finish the year short of the financial results that Corewell Health initially planned going into 2022.