Ascension reduces operating losses and increases sales volume in the first quarter

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Once Ascension regained access to its electronic medical records following the May cyberattack, the system's top priority was increasing patient volume. Ascension Vice President and Chief Financial Officer Saurabh Tripathi said in September.

Cyberattacks caused Ascension to delay or reschedule some procedures, contributing an average of 8% to 12%. Compared to the previous year, same-facility occupancy was lower in May and June.

However, Ascension's patient volume in the first quarter was about the same as the same period last year, the system said. Ascension reported a 2.4% increase in same-facility patient services net revenue for the quarter compared to the same period last year. Same facility operating expenses increased by 2.6%.

The system plans to continue its capacity management efforts, including backfilling volumes transferred to outpatient settings.

“This quarter's financial results represent significant progress demonstrating the effectiveness of our focused economic improvement strategy.” tripati said in a statement accompanying the results. “Despite ongoing challenges, including the continued recovery from the May cybersecurity attack, we are strengthening our operational foundation to support stability and future investments.”

In its filing, Ascension noted several strategic business initiatives that did not have a material impact on its financials during the quarter.

That includes the system's strategic joint venture with Henry Ford Health, which was signed in October and should expand Ascension's stake in Michigan.

Ascension also plans to sell nine hospitals to Prime Healthcare. The transaction has not yet been completed. However, the filing says Ascension has assets for sale and that the transaction is “expected to close upon receipt of all necessary approvals.”