Oregon Health & Science University says it lost $133 million in the fiscal year that ended in June, far more than it had projected: “That’s a lot,” new president Dr. Shereef Elnahal told staff this week at an OHSU town hall where, in a congenial manner, he discussed the dour financial picture. “We have a systemic problem here, folks,” he said.

Reports of skyrocketing expenses are sounding across the U.S. healthcare system. But Elnahal said OHSU stands out. Presenting slides from a stage Monday, he said OHSU’s operating margins—revenues minus expenses—in recent years ranked quite low among comparable health institutions.

OHSU, he noted, is not a for-profit company, but the trajectory isn’t sustainable.

Since 2019, Elnahal said, OHSU core revenues increased 6.4% annually, while core expen

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