PROVIDENCE – Following a positive operating income at the beginning of the fiscal year, Lifespan Corp. took a downward turn financially in the second quarter of fiscal 2023, with the health system reporting a $3.7 million operating loss, compared to a loss of $46.1 million the year prior.
The state’s largest hospital system had reported a $4.9 million operating income in the previous quarter.
Lifespan reported a total of $764.7 million in other support without donor restrictions in the second quarter, an increase from $657.6 million year over year, according to an investor update release on Thursday.
Patient service revenue was $636.2 million in the second quarter compared to $551.3 million the year prior.
Total operating expenses in the second quarter were $768.4 million, up from $7.03 from 2022, led by $461.9 million in compensation and benefits expenses and $210.3 million in supplies and other expenses.
Lifespan had a $15.2 million net income, which includes non operating gains, in the second quarter of fiscal 2023, which ended on March 31. Lifespan reported a net income loss of $79.9 million the year prior.
While Lifespan’s finances declined from the first quarter, the health system remains above fiscal 2022 levels, when it experienced a $18.6 million operating loss in the first quarter of that year.
Peter Markell, Lifespan’s executive vice president and CFO, was not immediately available for comment on Friday.
Lifespan operates five hospitals in the state: Rhode Island Hospital, the Miriam Hospital, Hasbro Children’s Hospital, Newport Hospital and Bradley hospital, in addition to a range of health care practices. The health system is Rhode Island’s largest private employer.
Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.
