Toledo, OH-based ProMedica on Friday reported a $346.4 million operating loss for the fourth quarter of 2022. The report comes after the company made a near total exit from skilled nursing last year in an effort to resolve ongoing operating losses within its senior care division.

Total operating revenues of $1 billion for the fourth quarter represented a 23.9% decrease compared with the same period in 2021, the company said.

ProMedica is Northwest Ohio’s largest employer, according to local Fox affiliate WTOL. The company in January notified more than 260 employees, most of them remote workers, of pending layoffs. Last week, the company said that it would be laying off 26 skilled nursing support staff.

Toledo, OH-based real estate investment trust Welltower announced in November that it would transition 147 skilled nursing facilities operated by ProMedica into a joint venture between Welltower and Integra Health. In February, Genesis Healthcare announced that it was adding to its portfolio 34 former Promedica SNFs in Pennsylvania and four in Colorado. In March, the company announced that it was selling its home health and hospice business to Gentiva.

The transfer of seven ProMedica SNFs in California is still in process, with negotiations with potential new owners/operators ongoing, the company said Friday.

“Undoubtedly, 2022 was a year of challenges and restructuring for ProMedica,” spokeswoman Tausha Moore told the McKnight’s Business Daily. “As we continue to focus on positioning the organization for long-term financial stability and success, we are confident we are on a better path forward. We’re already starting to see progress in 2023, with financial and operational indicators improving, and we look forward to continuing that positive momentum.”

The senior care division’s continuing operations reported an operating loss of $338 million for the fourth quarter of 2022, compared with an operating loss of $5.8 million in the fourth quarter of2021, according to the report. The division’s loss for 2022 included a non-cash impairment charge of $346.2 million.

Senior care net patient service revenue of $230.7 million for the fourth quarter decreased by $6.8 million, or 2.9%, compared with the fourth quarter of 2021. That difference was driven by a decline in hospice patient volume, according to the company. Division expenses decreased by $22.2 million, or 8.9%, compared with the prior year, driven by lower labor and agency costs.

The senior care division recorded $0.9 million of Coronavirus Aid, Relief, and Economic Security (CARES) Act and other government stimulus funding as other revenue during the fourth quarter of 2022 compared with $2.2 million in the prior year.