Advocate Aurora Health Inc. saw its revenues rebound during the first half of 2023, following a 2022 fiscal year that saw it ending the year $750 million in the red, according to a report released this week.
Unaudited quarterly disclosure statements show the health care provider, which formed in 2018 as a merger between the Advocate Health and Milwaukee’s Aurora Health Care, indicates that it ended the first six months of the year with more than $484.12 million in revenue in excess of expenses.
While 2022 was marked by investment losses for Advocate Aurora – which saw a loss of $666 million in the second half of the year alone – the first half of this year saw its investments increase by more than $400.67 million.
But Advocate Aurora seemed to continue to feel the pinch of the tight health care labor market marked by staffing shortage and increased fees for staffing agencies as well as increased salaries for permanent employees. It saw an operating loss of nearly $21.6 million.
Like other health care providers in the region, Aurora Advocate was helped by an increase in outpatient hospital and physician visits. Those visits increased by a combined 7% over the last six months as compared to the last six months of fiscal 2022. Physician visits, in particular, increased from about 4.87 million to about 5.23 million.
