After Financial Setbacks in 2021, Henry Ford Health Shows Signs of Growth in 2022
DETROIT – As health systems across the country continue to grapple with significant losses due to a nationwide trend in decreased patient volumes, unprecedented levels of inflation and higher labor costs, Henry Ford Health finished 2022 with $138,000 in operating margin, representing a $168 million improvement as compared to 2021. Like other health systems, Henry Ford Health was impacted by the investment market losses, which resulted in total net loss of $234 million in 2022 compared to total net income of $41 million in 2021.
“We know health care systems are facing continued financial challenges, many of which stem from the effects of the pandemic, but we are encouraged by some of the trends we are seeing,” said Bob Riney, President and CEO of Henry Ford Health. “Henry Ford Health has a long history of doubling down on our mission during times of adversity. With more than a century of experience, we know how to navigate tough times. 2021 was a tough year for the entire healthcare system, but through steady leadership, staying true to our mission and focusing on the communities we serve, we created positive momentum in 2022 that is carrying over into 2023.”
“The healthcare industry is still facing significant headwinds,” said Robin Damschroder, Henry Ford Health Executive Vice President, Chief Financial & Business Development Officer. “Unprecedented inflation, higher than normal labor costs and a year-over-year decrease in patient volume has put increasing pressure on health systems. Our stability is attributable to a diversified revenue base and doubling down on key investments to expand ambulatory, community-based and retail health services, as well as health plan membership."
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About Henry Ford Health
Serving communities across Michigan and beyond, Henry Ford Health is committed to partnering with patients and members along their entire health journey. Henry Ford Health provides a full continuum of services – from primary and preventative care, to complex and specialty care, health insurance, a full suite of home health offerings, virtual care, pharmacy, eye care and other healthcare retail.
It is one of the nation’s leading academic medical centers, recognized for clinical excellence in cancer care, cardiology and cardiovascular surgery, neurology and neurosurgery, orthopedics and sports medicine, and multi-organ transplants. Consistently ranked among the top five NIH-funded institutions in Michigan, Henry Ford Health engages in more than 2,000 research projects annually. Equally committed to educating the next generation of health professionals, Henry Ford Health trains more than 4,000 medical students, residents and fellows every year across 50+ accredited programs.
With more than 33,000 valued team members, Henry Ford Health is also among Michigan’s largest and most diverse employers, including nearly 6,000 physicians and researchers from the Henry Ford Medical Group, Henry Ford Physician Network and Jackson Health Network.
The health system is led by President and CEO Robert G. Riney and serves a growing number of customers across 250+ locations throughout Michigan, including five acute care hospitals, two destination facilities for complex cancer and orthopedics and sports medicine care, three behavioral health facilities, primary care and urgent care centers.