Trinity Health saw revenue decline in fiscal year 2020, and the Livonia, Mich.-based health system ended the period with a loss, according to recently released financial documents.
Trinity Health saw revenue decline 2.4 percent year over year to $18.8 billion in the 12 months ended June 30. The health system attributed the drop in revenue to the COVID-19 pandemic and the divestiture of Camden, N.J.-based Lourdes Health System in June 2019.
The 92-hospital system’s expenses were down 1.4 percent year over year in fiscal 2020. Trinity Health took several steps to reduce operating and capital spending in response to the pandemic, including implementing furloughs and reducing salaries for executives.
Trinity Health reported an operating loss of $344.7 million for fiscal 2020, compared to operating income of $106.8 million a year earlier.
After factoring in investments and other nonoperating items, Trinity Health posted a net loss of $75.5 million in fiscal 2020, down from net income of $786 million in fiscal 2019. Lower nonoperating gains in the most recent fiscal year were primarily driven by the pandemic’s effect on global investment market conditions, the health system said.