MultiCare posts $172M loss in first half of 2020

MultiCare Health System, a 10-hospital system based in Tacoma, Wash., ended the first six months of this year with a $172.3 million loss, according to unaudited financial documents.

MultiCare’s revenue remained nearly flat year over year at $1.58 billion. Patient service revenues declined nearly 5 percent year over year due to the COVID-19 pandemic, the health system said. Other operating revenue increased due to the $68.1 million the system received under the Coronavirus Aid, Relief and Economic Security Act through June 30. 

After factoring in expenses, which climbed 4.6 percent year over year, MultiCare ended the first two quarters of this year with an operating loss of $14.2 million, compared to operating income of $62.8 million a year earlier. 

MultiCare said the pandemic significantly affected its financial position and operations in March, April and May. The health system said patient volumes began to bounce back in June as nonemergency surgeries were rescheduled. 

MultiCare ended the first six months of 2020 with a net loss of $172.3 million, compared to net income of $181.2 million in the same period last year. 

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