Sutter Health Reports Its Income Plunged 80 Percent Last Year
The company's CEO did not address the reasons for the drop but said the system invested $898 million last year in new buildings and technology.
The San Francisco Business Times:
Sutter Health's Profit Plummets 80 Percent
Although operating revenue at Sutter Health, which operates many of the Bay Area's largest hospitals and medical groups jumped nearly 9 percent, its net income plummeted by nearly 80 percent, from $402 million in 2014 to just $81 million last year. ... Sutter didn't directly address the reasons for 2015's lower results, but new CEO Sarah Krevans noted that the organization has pumped $9 billion over the last decade into new buildings and new technology, including $898 million last year. Sutter also said it spent $712 million more on treating Medi-Cal patients last year than the joint federal-state program paid it for those services. (Rauber, 3/9)