Geisinger reports $36M operating loss in Q1

Geisinger reports $36M operating loss in Q1 unknown

Danville, Pa.-based Geisinger reported a first-quarter operating loss of $36 million as its expenses rose almost 7 percent in the period.

The loss added to a $109.2 million deficit in the same period last year. Revenue for the first quarter totaled $1.8 billion.

Overall, the eight-hospital health system recorded net income of $105.7 million as compared to a net loss of $305.7 million in the first quarter of 2022 and had long-term debt totaling $1.7 billion as of March 31.

Kaiser Permanente agreed to acquire Geisinger on April 26 as its first partner in a new nonprofit venture called Risant Health. Kaiser has designated $5 billion to invest in core facilities and will make $2 billion available by the end of 2028 to invest in capital plans, Geisinger said.

The transaction is expected to close in 2024.