Encompass Health profits decline amid high costs

Encompass Health saw profits plummet nearly 30% last year as it dealt with the rising labor costs and inflation besetting the healthcare sector, the inpatient rehabilitation provider reported Tuesday.

Net income for the Birmingham, Alabama-based company reached $365.9 million in 2022, compared with $517.2 million in the prior year. Revenue increased 8.3% to $4.35 billion and operating expenses grew 10.8% to $3.72 billion. Salaries and wages…