Crozer-Keystone slows operating losses

Posted: August 21, 2014

Crozer-Keystone Health System continued fighting the negative trends in inpatient admissions that are common to most hospital systems, but Crozer, Delaware County's largest health-care provider, dramatically slowed its operating losses in the three months ended June 30.

During that quarter, Crozer had an operating loss of $1.3 million, after posting an operating loss of $31.6 million in the first nine months of the fiscal year that ended June 30, according to financial statements released for bond investors.

For the fiscal year, Crozer's total revenue was $765.83 million, down 4.6 percent from 803.14 million the year before. Its full-year net income fell to $4.6 million from $14.1 million. Hospital inpatient admissions of 29,438 were down 7.6 percent.

On the plus side, Crozer reported a 19 percent increase in surgeries, thanks to the 2013 acquisition of the Surgery Center of Pennsylvania in Haverford.

A union contract for 600 nurses at Crozer-Chester Medical Center expired in June, but negotiations continue, a union leader said.

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