Hospitals are seeing higher patient volume and revenue increase on the inpatient and outpatient side, according to Strata's Monthly Healthcare Industry Financial Benchmarks report for September.
The report examines data from 1,600 hospitals across the U.S. and updates statistics monthly. Hospitals reported a strengthening financial position and labor expenses growing at a slower clip than in previous years. Inpatient visits and revenue is also growing, according to the data.
Here are 10 takeaways, focused on the median numbers reported by hospitals in August.
1. Margins increased 0.9 percentage points year over year to 6.7%
2. Gross operating revenue jumped 6.1% year over year, with outpatient revenue up 5.6% and inpatient revenue up 6.1%.
3. Expenses increased 6.2% year over year, but rose slower in August than July.
4. Non-labor expenses grew faster at 6.2% than labor expenses at 5.4% year over year.
5. Drug expenses increased 4.6% year over year, and were down 1.1% month over month.
6. Inpatient admissions jumped 3.5% year over year.
7. Outpatient visits dropped 0.5% year over year.
8. Emergency visits declined nearly 5% year over year.
9. Children's hospital inpatient admissions increased 1.4% and outpatient visits dropped 5.4% year over year.
10. Patient volume was up for 14 of 15 common procedure types from the CDC year over year, while inpatient primary knee replacements dropped 6.3%.