News
Kaiser Foundation Health Plan and Hospitals Third Quarter 2023 Financials
Financial results
For the quarter ending September 30, 2023, Kaiser Foundation Health Plan, Inc., Kaiser Foundation Hospitals and their respective subsidiaries (KFHP/H) reported operating revenues of $24.9 billion and operating expenses of $24.7 billion compared to operating revenues of $24.3 billion and operating expenses of $24.3 billion in the same period last year. Operating profit was $156 million in the third quarter of this year, compared to an operating loss of $75 million in the third quarter of 2022.
Other income (net of other expenses) was $83 million in the third quarter, compared to a loss of $1.5 billion in the third quarter of 2022. In the third quarter, net income was $239 million, compared to a net loss of US$1.5 billion in the same period. 2022.
“Like other health systems, Kaiser Permanente continues to emerge from the pandemic and we are working hard to address our challenges, including competition for fewer workers, high costs of goods and services, and an increase in demand for services due to postponement of care,” said President and CEO Greg A. Adams. “Our focus in 2023 is to implement effective strategies that improve service, access and quality to deliver the best health outcomes for our members. Thanks to the focused and tireless efforts of our employees and clinicians, we are seeing results in these areas and we remain committed to fulfilling our mission.”
Membership
Membership as of September 30, 2023 was over 12.6 million, reflecting growth of over 29,000 members since December 31, 2022.
Capital expenditure
Capital expenditures in the third quarter were $825 million, compared to $820 million in the same period a year ago. Kaiser Permanente opened the new 7-story, 433,000-square-foot San Marcos Medical Center on August 9, which expands access to health care for members in San Diego County, California. As of September 30, 2023, Kaiser Permanente has 618 physician offices, 40 hospitals, and 43 retail clinics and employees.
“In the third quarter, we promoted the long-term health and stability of the organization by maintaining fiscal discipline and increasing access to our high-quality care and services,” said the executive vice president and chief financial officer. Kathy Lancaster. “At Kaiser Permanente, we also continue to expand our digital capabilities and in-person services to improve the customer experience.”