Intermountain Healthcare posts profit, Advocate Aurora sees loss

Intermountain Healthcare’s recent merger with SCL Health boosted first-half results that otherwise would have been hurt by investment losses.

Instead, the deal propelled Intermountain to a $2.74 billion profit. 

Salt Lake City-based Intermountain and SCL Health, of Broomfield, Colorado, merged on April 1. The combined system, which uses the Intermountain name, has more than 59,000 employees and operates 33 hospitals and 385 clinics across seven states. 

Last week, Intermountain tapped Lydia Jumonville to lead as interim CEO while it looks for a successor to Dr. Marc Harrison, who plans to join a venture capital firm. Under Harrison, Intermountain has worked to increase access to care through virtual consultations between physicians.

Revenue increased 24.5% to $6.52 billion in the first half of 2022, driven in large part by patient services, compared with the same year-ago period. Expenses jumped 30.7% to $5.95 billion, according to the filing that was made public Friday.

Advocate Aurora Health, which reported earnings Monday, posted a $600.78 million first-half loss, compared with a $1.1 billion gain in the first half of 2021. 

Revenue rose 5.4%, to $7.11 billion. Expenses increased 9.1%, to $7.04 billion.

Advocate Aurora’s earnings results were in line with what others in the industry are seeing. Health systems are struggling to balance higher expenses with supply constraints and staffing shortages as patient volumes continue to recover. 

Advocate Aurora, which has dual headquarters in Wisconsin and Illinois, is looking to combine with Charlotte, North Carolina-based Atrium Health by the end of this year. The proposed deal would create a $27 billion health system that spans six states in non-overlapping regions. The deal has already sparked pricing concerns among regulators and other stakeholders.

 



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