Charlotte, N.C.-based Advocate Health reported an operating income of $964.2 million (3.7% operating margin) through the first three quarters of 2024, up from $79.4 million (0.3% margin) reported over the same period last year.
Advocate Health reported revenues of $25.8 billion for the nine months ended Sept. 30, up 12.9% over the same period last year. Patient service revenues were up 12.2% to $21.6 billion.
The system reported total expenses of $24.8 billion through the third quarter, up 9% from the same period in 2023. Salaries, wages and benefit expenses increased 6.9% to $14.2 billion. Supply and drug costs rose 17.4% to $5.5 billion.
As of Sept. 30, the system had 281 days cash on hand, up from 268 on Dec. 31.
After factoring in nonoperating items, including investment returns, Advocate Health reported a net income of $2.7 billion through the first three quarters of 2024, up from $721.2 million reported over the same period last year.
Here is a breakdown of Advocate Health's results for the nine-month period by division:
Advocate Aurora Health
Revenue: $12.5 billion (+7.1% YOY)
Expenses: $12.2 billion (+5.7% YOY)
Operating income: $324 million (+115% YOY)
Net income: $1.2 billion (+198.5% YOY)
The Charlotte-Mecklenburg Hospital Authority Combined Group
Revenue: $7.5 billion (+18.5% YOY)
Expenses: $7.1 billion (+13.9% YOY)
Operating income: $396 million (+322.9% YOY)
Net income: $1.1 billion (+415.2% YOY)
Atrium Health Wake Forest Baptist
Revenue: $4 billion (+14% YOY)
Expenses: $3.9 billion (+9.2% YOY)
Operating income: $107.6 million (+287.4% YOY)
Net income: $263.3 million (+1,038.2% YOY)