San Francisco-based Dignity Health, operator of more than a half-dozen hospitals in the Sacramento region and the fifth-largest health system in the nation, reported net income of $132.5 million for its fiscal year ended June 30 – a steep decline from more than $900 million the previous year.
Dignity pointed to a soft economy, lower volume, continued underpayments from government payers and a weak investment market.
Lloyd Dean, president and CEO, said the organization is focused on moving forward amid a changing health care industry: "The Affordable Care Act makes it possible to modernize the health care delivery system, and that will require us to go beyond the acute care setting.
"We are growing to work more closely with doctors, insurers, employers and individuals to transform our health system and deliver higher quality, more efficient care."
Dignity Health was formerly known as Catholic Healthcare West.