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May 25, 2020 09:19 PM

Providence losses total $1.1 billion in first quarter

Paul Barr
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    Renton, Wash.-based Providence health system reported a net loss of $1.1 billion in the first quarter of 2020, driven by an operating loss of $276 million and a non-operating loss of $837 million, according to financial filings.

    Higher operating expenses were behind most of the operating loss, while investment losses of $763 million led to the high non-operating losses, according to Providence.

    A year earlier, Providence reported net income of $543 million, an operating loss of $4 million and a non-operating gain of $547 million.

    Although the funds arrived after the quarter had ended, Providence outlined the relief funds it was allocated in April. The Coronavirus Aid, Relief and Economic Security Act provided approximately $509 million in grants, Providence's filing states. It also received $1.6 billion in advance payments from Medicare under the CMS Advance Payment Program.

    The system also said that two of its top executives, CEO Rod Hochman and President of Operations Mike Butler volunteered to take temporary 50% pay cuts while the other officers are taking 10% to 20% cuts. In 2017, Hochman received total compensation of about $10.5 million in 2017, while Butler's total compensation was $4.6 million, according to IRS Form 990s on file with Guidestar.org.

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    • News
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      • COVID-19
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      • Transformation
        • Patients
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        • Care Delivery
        • Payment
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      • Regional News
        • Midwest
        • Northeast
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        • West
      • Digital Edition (Web Version)
    • Digital Health
    • Insights
      • ACA 10 Years After
      • Best Practices
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        • Nominate/Eligibility
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        • Best Places to Work in Healthcare
        • Excellence in Governance
        • Health Care Hall of Fame
        • Healthcare Marketing Impact Awards
        • Top 25 Emerging Leaders
        • Top 25 Innovators
        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Leadership Symposium
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        • Transformation Summit
        • Women Leaders in Healthcare Conference
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        • Top 25 Diversity Leaders Gala
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      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Supply Chain Revenue Cycle
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        • - Virtual Health
        • - Future of Healthcare Staffing
      • Custom Media Event: ESG Summit
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