Budgeting
Relying on labor from contract staffing firms contributed to higher overall labor expenses, according to the American Hospital Association.
Rising expenses for labor, drugs, and medical supplies are major drivers of the expense increase.
By the end of 2021, gross margins per enrollee had returned to pre-pandemic levels in the Medicare Advantage market.
CEO Andrew Toy says the company is achieving "real momentum" toward profitability, and has priced its insurance plans with that in mind.
Patient volumes, ER visits, discharges and total revenues were down in January compared to December 2022.
Capacity crisis, cost inflation and workforce vacancies continue to impact financial performance.
The increase in total revenues was driven by organic Medicaid growth and a 21% membership growth in Medicare, company says.
Healthcare facilities across the state saw a 79% decline in median operating margins from 2019 to 2022.
Despite an end-of-year upswing, about half of U.S. hospitals finished 2022 with a negative margin, data shows.
While the profit decline was significant, Elevance maintains that the numbers still beat expectations from Wall Street.