Community Health Systems narrowed its losses to $675 million in 2019 as it continued aggressively cutting the size of its portfolio of hospitals throughout the year.
That loss was improved 14% after CHS reported it was $788 million in the red the prior year.
The Franklin, Tennessee-based health system giant reported a loss of $373 million in the quarter ending Dec. 31, or $3.27 per share, compared to a net loss of $328 million, of $2.91 per share, for the same period in 2018. The company posted revenue of $3.3 billion in the fourth quarter, down from $3.5 billion in the same quarter a year earlier.
Across-the-Board Impact of an OB-GYN Hospitalist Program
A Denver facility saw across-the-board improvements in patient satisfaction, maternal quality metrics, decreased subsidy and increased service volume, thanks to the rollout of the first OB-GYN hospitalist program in the state.
For the year, CHS had revenues of $13.2 billion in 2019, down from $14.2 billion in 2018.
Wayne Smith, chairman and CEO of CHS, called it a “strong finish” for the year.
“Our successful divestiture program, along with strategic growth initiatives in our core portfolio of markets, has driven better results, including improved same-store volume and net revenue growth in 2019,” Smith said in a statement. “As we enter 2020, we expect to deliver incremental growth, driven by a combination of continued same-store net revenue performance and execution across our strategic margin improvement programs.”