Tower Health managed to more than halve its net loss to $65.6 million in the first half of fiscal 2022, but the Reading-based health system remains in the red, writes John George for the Philadelphia Business Journal.
During the same period in fiscal 2021, the owner of Phoenixville Hospital and recently closed Jennersville and Brandywine hospitals recorded a $148.8 million deficit, which is 56 percent more than the latest report.
According to Tower Health, the health system has implemented $135 million in revenue-improvement and cost-reduction initiatives as of Dec. 31, 2021. Out of that, $75 million has been realized during the current fiscal year.
However, the health system continues to face financial struggles and challenges, including long-term debt of just under $1.3 billion at the end of last year.
“While demonstrating significant improvement over the same period last year, Tower Health’s financial performance through the first six months of Fiscal Year 2022 shows the continuing challenges of the COVID-19 pandemic, especially the impact of the omicron surge on both staffing and patient volumes,” said Tower Health officials.
Read more about Tower Health in the Philadelphia Business Journal.