New Orleans-based Ochsner Health, a 46-hospital system, reported a $104 million operating gain in 2023, a more than $200 million improvement on the $96.4 million loss posted in 2022.
The health system's operating margin for 2023 was 1.4%, compared to -1.5% the previous year.
Revenue increased 14.3% year over year to $7.3 billion while expenses grew by 11% to $7.2 billion, according to financial documents published April 29. Salaries and wages increased 5.3% year over year to $3.2 billion while supply costs grew by 18.3% to $1.7 billion.
After accounting for nonoperating items, such as investment returns, Ochner ended 2023 with a net income of $196.8 million, compared to a net loss of $185 million in 2022.