For the quarter ending September 30, 2022, Kaiser Foundation Health Plan, Inc., Kaiser Foundation Hospitals, and their subsidiaries (KFHP/H) reported total operating revenues of $24.3 billion and total operating expenses of $24.3 billion, compared to total operating revenues of $23.2 billion and total operating expenses of $23.1 billion in the same period of the prior year. There was an operating loss of $75 million for the third quarter compared to operating income of $38 million in the third quarter of 2021. Other income and expense had a quarterly loss totaling $1.5 billion, driven largely by investment market conditions. Other income and expense totaled $1.5 billion in the same quarter last year. For the third quarter of 2022, there was a net loss of $1.5 billion compared to $1.6 billion net income in the third quarter of 2021.
“I am proud of our ability to navigate the challenges of the past few years including a global economic crisis, the high cost of goods and services, supply chain issues, labor shortages, and the pandemic while serving our 12.6 million members,” said chair and chief executive officer Greg A. Adams. “I continue to be inspired by the unwavering commitment and dedication of our Kaiser Permanente teams who through this unprecedented and unpredictable 3-year period continue to provide high-quality, affordable care and service to our members and communities.”
Kaiser Permanente’s membership remains steady as of September 30, 2022, with 12.6 million members, reflecting growth of nearly 40,000 members since December 31, 2021.
Year to date, capital spending totaled $2.5 billion, reflecting Kaiser Permanente’s commitment to providing its members care where and when they need it. For the quarter ending September 30, 2022, capital spending totaled $820 million, compared to $878 million in the third quarter of the prior year.
“Kaiser Permanente’s integrated model of care and coverage continues to provide long-term stability amid changing market conditions,” said executive vice president and chief financial officer Kathy Lancaster. “In the third quarter of 2022, we remained committed to our members, patients, and the communities we serve while controlling spending and investing in our capital program.”
|$ in millions, except %||Q3 2022||Q3 2021|
|Total operating revenues||$24,253||$23,154|
|Total operating expenses||$24,328||$23,116|
|Operating income (loss)||($75)||$38|
|Operating margin (loss)||(0.3%)||0.2%|
|Total other income and expense||($1,470)||$1,518|
|Net income (loss)||($1,545)||$1,556|
Note: Certain statements included in this document may constitute “forward-looking statements.” Such statements are generally identifiable by the terminology used, such as “plan,” “project,” “forecast,” “expect,” “estimate,” “budget,” or other similar words. The achievement of certain results or other expectations contained in such forward-looking statements involves known and unknown risks, uncertainties, and other factors, which may cause actual results, performance, or achievements described to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Accordingly, actual results will vary and the variations may be material. None of the KFHP/H organizations plan to issue any updates or revisions to those forward-looking statements if or when expectations change, or events, conditions, or circumstances on which such statements are based occur.