Dive Brief:
- Miami-based Baptist Health South Florida has recorded a third-quarter loss, the hospital's first in many years.
- A number of factors, including unpaid patient bills and increased expenses, contributed to the loss.
- Baptist Health is normally one of South Florida's most profitable hospitals.
Dive Insight:
Baptist Health recorded a third-quarter loss of $17.3 million, compared to a profit of $165.1 million in the third quarter of 2014. Taking into account last year's investment income, which wasn't part of the hospital's normal operations, the hospital still suffered a loss of $5.2 million compared to $74.7 million in profits last year.
Unpaid patient bills took a good chunk of the hospital's revenue, as provisions for doubtful debts climbed to $81 million, up from $19 million in the third quarter of last year.
Wages and benefits at Baptist Health rose by $29 million, supply costs by $16 million and administrative costs by $10 million. Insurance costs tripled to $13 million.