October 2024
(Provided)
Compassus takes over home care operations
Home care provider Compassus inks a joint venture with Providence to manage the health system’s home care.
May 2020
Hoag plans to leave Providence
Hoag, based in Orange County, California, sues to separate from Providence over the two-hospital system’s alleged lack of decision-making power.
October 2020
Providence launches IT company
Providence launches Tegria, a healthcare technology for-profit subsidiary, to bolster the health system’s revenue diversification.
March 2021
COVID-19 dents system finances
Providence reports an annual operating loss of $306 million on operating revenue of $25.7 billion for 2020, beginning a string of consecutive annual operating losses.
September 2021
Providence launches foundation
Providence shares plans to create the Providence National Foundation to tackle population health.
January 2022
Hoag and Providence part ways
Hoag and Providence separate, stripping roughly 6% of Providence’s operating revenue and 17% of its unrestricted cash and investments from the system’s portfolio.
March 2022
Providence’s operating loss grows
Providence’s operating loss doubles in 2021, reaching $714 million on operating revenue of $27.3 billion.
July 2022
Providence restructures executive team
Providence condenses seven regional divisions into three, shrinking its executive team.
September 2022
Providence invests in Southern California
Providence maps out a $712 million inpatient and outpatient expansion in Southern California.
November 2022
Providence shutters urgent care clinics
Providence closes all 27 of its Southern California ExpressCare retail clinics, citing labor shortages, inflation, supply chain issues, low volumes and rising competition.
March 2023
Hoag split hurts Providence’s bottom line
Providence reports a net loss of $6.12 billion for 2022, more than half of which stemmed from its Hoag split.
February 2024
Providence settles overcharging allegations
Providence settles state regulators’ allegations that the health system overcharged low-income patients, resulting in Providence erasing or refunding $158 million in medical bills.
Change outage limits revenue
Change Healthcare, UnitedHealth Group’s claims processing company, experiences a cyberattack, throttling revenue for Providence and other health systems.
March 2024
Operating loss narrows
Providence reports an operating loss of $1.2 million for 2023, compared with an operating loss of $1.7 million for 2022. Operating revenue rose 9% to $28.8 billion.
October 2024
(Provided)
Compassus takes over home care operations
Home care provider Compassus inks a joint venture with Providence to manage the health system’s home care.
Novant Health, Memorial Hermann Health System, Baylor, Scott & White, and Providence formed Longitude Health. (Provided)
Systems launch Longitude Health
Providence, along with three other nonprofit systems, launches Longitude Health to use as a testing ground for boosting access to drugs, improved care coordination for Medicare Advantage patients and streamlined billing processes.
November 2024
Dr. Darryl Elmouchi replaces Erik Wexler as Providence's chief operating officer. (Providence)
Providence picks COO
Providence names Dr. Darryl Elmouchi, chief operating officer at Corewell Health, chief operating officer.
January 2025
Providence Ventures is spun off
Providence spins off its venture capital arm, Providence Ventures, which invested in 28 companies since its 2014 formation.
Erik Wexler (left) succeeds Dr. Rod Hochman as president and CEO of Providence. (Providence)
Wexler succeeds Hochman
Erik Wexler, the system’s chief operating officer, takes over as CEO for Dr. Rod Hochman, who retired after leading Providence for 11 years. A few weeks later, the health system shuffles and narrows its leadership team, creating the office of transformation that aims to reduce administrative burden.
March 2025
Providence shrinks operating loss
Providence reduces its operating loss to $461 million for 2024, down from $1.2 million for 2023.
April 2025
Providence freezes hiring
Providence implements a hiring freeze for nonclinical roles and restricts nonessential travel.
June 2025
Providence cuts 600 jobs
Providence lays off 600 workers, mostly nonclinical staff, amid insurer claim denials, rising costs and potential reimbursement cuts.
Providence outlines new strategy for 2030
Wexler said the system’s five-year strategy is focused on transforming the health system and using technology to improve care.