Ballad Health reports it lost $35.8 million in the first quarter of its fiscal year between July and September. But the hospital system’s CEO says pending improvements in TennCare reimbursements should make a big positive difference soon.
Higher labor and supply costs were the main factors behind an 8.4% increase in total expenses over the same quarter a year earlier, when Ballad posted an $18.6 million operating loss.
The system did recover to finish fiscal 2024 with a $6.7 million operating income
Ballad had increased wages significantly for nurses and other bedside workers over the past couple of years, hoping to slow the need for very expensive and non-local contract labor.
Supply costs also rose significantly. The Hurricane Helene effect last in the quarter also did not help the bottom line for the quarter.
Ballad CEO Alan Levine told News Channel 11 likely changes in TennCare reimbursements should also help with improving Ballad’s bottom line moving forward.
