March 26, 2023

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Kaiser Foundation Health Plan and Hospitals Report 2022 Financial Results

Kaiser Foundation Health Plan and Hospitals Report 2022 Financial Results

OAKLAND, Calif. — Kaiser Foundation Well being Strategy, Inc., Kaiser Foundation Hospitals, and their respective subsidiaries (KFHP/H) reported 2022 annual monetary final results that replicate an raise in health care expenditures pushed by inflation, superior COVID-19 fees, ongoing labor shortages, and a rise in treatment quantity as the nonprofit group ongoing its mission of delivering superior-quality care and provider to its members and the communities it serves.

Complete running revenues for 2022 were being $95.4 billion in contrast to $93.1 billion in 2021. Total running expenditures were being $96.7 billion compared to $92.5 billion in the prior 12 months. There was an running decline of $1.3 billion for the 12 months compared to working income of $611 million in 2021.

In 2022, there was an raise of 4.5% in functioning bills, when earnings improved by a modest 2.4% for the calendar year, reflecting a concentration on controlling fees in an inflationary surroundings whilst not impacting treatment excellent and services. Components that drove higher annual working costs included improved treatment quantity — in aspect owing to treatment deferred more than the 3 several years of the pandemic, increased fees of items and products and services, more outside treatment fees in contracted hospitals, an raise in labor prices due to a remarkably aggressive labor current market, and increased COVID-19 care and testing.

Robust economic headwinds in the monetary markets drove a reduction in complete other revenue and expenditure of $3.2 billion in 2022 compared to a acquire of $7.5 billion in 2021. For 2022, there was a net loss of $4.5 billion as opposed to web cash flow of $8.1 billion in 2021.

Money paying totaled $3.5 billion, dependable with the $3.5 billion used the prior yr. Through 2022, Kaiser Permanente opened 4 new professional medical places of work. Kaiser Permanente now has 737 healthcare places of work, 39 owned hospitals, and 43 retail and employee clinics.

“Clinical workers shortages, COVID-19 treatment and tests, higher expenditures of merchandise and products and services, and deferred treatment drove Kaiser Permanente’s expenses outside of revenue,” mentioned chair and main govt officer Greg A. Adams. “Rather than pull again amid monetary pressures, we designed the choice to continue on our long-expression and strategic investments in care and services advancements although thoroughly controlling assets. Our team and medical professionals worked tricky to meet our members’ demands and I am grateful for their outstanding contributions.”

Membership

Kaiser Permanente membership as of December 31, 2022, was 12.6 million, reflecting an yearly improve of practically 36,000 complete users.

Improving upon local community wellness

In 2022, Kaiser Permanente continued its extended-standing motivation to enhancing the overall health of its members and the communities it serves by investing $2.8 billion in group overall health plans in contrast to $2.6 billion in 2021. The Kaiser Permanente Health-related Monetary Support system provided virtually 320,000 low-earnings and uninsured sufferers extra than $433 million in aid to address element or all of their professional medical fees.

Supplying treatment to associates

All over 2022, Kaiser Permanente continued to develop its telehealth offerings to give far more techniques for customers to obtain care conveniently and conveniently. Scheduled mobile phone and video clip visits totaled approximately 24.5 million and associates loaded additional than 43 million prescriptions by way of kp.org or the cellular application. Additionally, Kaiser Permanente delivered more than 477,000 cell phone and video visits to its users through a 24/7 digital care offering.

In 2022, Kaiser Permanente continued to provide superior-excellent care and service. Vital 2022 highlights involve:

  • Caring for additional than 328,000 people with influenza and delivering inpatient treatment to approximately 41,000 flu sufferers
  • Caring for additional than 17,000 people with RSV, or respiratory syncytial virus, and providing inpatient treatment to more than 3,400 RSV clients
  • Caring for virtually 1.8 million patients with COVID-19 (for a complete of a lot more than 3.2 million individuals addressed since the commence of the pandemic) and offering inpatient treatment to nearly 53,000 COVID-19 individuals
  • Administering much more than 5 million COVID-19 vaccine doses, such as bivalent boosters, and far more than 5 million flu photographs to members and nonmembers
  • Supporting members and patients in getting COVID-19 exams, which provided just about 7 million tests presented inside of Kaiser Permanente amenities and a lot more than 14.2 million COVID-19 dwelling assessments

“Kaiser Permanente’s mission and built-in model of care and coverage continue to be resilient despite an uncertain and demanding publish-pandemic economic surroundings,” explained government vice president and chief economic officer Kathy Lancaster. “In response to sturdy financial headwinds we efficiently executed mitigation procedures to guarantee operational soundness even though remaining steadfast in concentrating on the high-quality of treatment, maximizing the customer working experience, delivering operational efficiencies, and investing in our technological innovation and services to superior provide our users.”