Tower had a smaller loss, but still incurred losses in its unrestricted financial reserves.
Pottstown Hospital is one of Tower Health's three acute care hospitals. It also owns St. Christopher's Hospital for Children in a joint venture with Drexel University.Tower Health reported a $27.4 million operating loss for the nine months that ended March 31, compared to a $122.8 million loss in the same period a year ago, the Berks County-based nonprofit health system told investors Thursday.
“Throughout fiscal year 2024, we have met or exceeded our financial and growth goals, and we are confident we will achieve our projected return to profitability by the fiscal year end,” Tower said in a statement.However, the reduction in losses did not help Tower’s cash reserves. That closely watched measure continued declining in the quarter, to the equivalent of 30 days of operating expenses on March 31 from 32 days at the end of the year.
That level of reserves is extraordinarily low for a health system with roughly $1.5 billion in long-term debt, including leases that are similar to debt. The low reserves were a key factor in what Standard & Poor’s described as Tower’s “extremely weak financial profile” when itTower’s revenue was $1.43 billion in the first nine months of fiscal 2024, up 2.6% from $1.39 billion last year, which still includes six months of Chestnut Hill Hospital’s results.
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