Windfall recorded a cumulative $1.1 billion working loss through the first three quarters of this yr as staffing shortages and weak market situations buffeted its funds, the well being system introduced Monday.
The Renton, Washington-based nonprofit firm additionally cited inflation, reimbursement delays and provide chain disruptions as contributors to its poor efficiency. Windfall reported a internet working lack of $164 million for the third quarter, in contrast with $424 million within the second quarter.
Working income through the first 9 months got here to $19.57 billion, a 4% enhance from the primary three quarters of 2021. Bills rose 7% year-over-year to $20.67 billion, together with a 9% enhance in salaries and advantages and a 6% enhance in provide prices. These numbers don’t issue within the operations of Newport Seashore, California-based well being system Hoag, which cut up from Windfall this yr. Funding losses reached $1.4 billion through the first three quarters
Windfall is addressing its labor scenario, Chief Monetary Officer Greg Hoffman mentioned in a information launch. “Retention and recruitment proceed to be a major space of focus, and we’re beginning to see the outcomes of a concerted effort to cut back our general reliance on pricey company staffing, together with changing touring nurses to everlasting employees roles,” he mentioned.
In July, Windfall introduced cuts to its govt staff as a part of an effort to redirect funds towards frontline employees.