Dallas-based Baylor Scott & White Health posted $967 million in operating income (8.5% margin) through the first nine months of fiscal year 2024, up from $743 million (7.2% margin) over the same period last year, according to the health system;s May 17 finance report.
Operating revenue increased 10.7% year over year to $11.4 billion for the nine months ended March 31. Net patient care revenue and premium revenues were key drivers to the increase, according to the report.
Net patient care revenue increased 10.3% to $9 billion for the nine month period. This increase was primarily related to favorable payer mix and higher volumes, according to the report.
Premium revenue increased 21.2% to $1.8 billion, primarily due to higher individual marketplace members during fiscal year 2024 as well as routine premium rate increases to customers, according to the report.
Operating expenses increased 9.2% year over year to $10.5 billion, according to the report.
Salaries, wages and employee benefit expenses increased 8.1% year over year to $5 billion, according to the report.
Supplies and other operating expenses increased 9.1% to $4 billion. The system said this was largely due to increased volumes and inflation in fiscal year 2024.
After accounting for nonoperating items, such as investment returns, Baylor posted a net profit of $1.6 billion during the first nine months of fiscal 2024.