Cambridge, Mass.-based Beth Israel Lahey Health posted a $41.9 million operating loss in the second quarter of 2024, an improvement from a $50.6 million loss posted during the same quarter last year, according to its May 30 financial report.
Six things to know:
1. The health system posted operating revenues of $2.2 billion in the three months ended March 31, up from $1.9 billion in the same period last year.
2. Operating expenses hit $2.2 billion in the quarter, up from $2 billion posted in the same period in 2023.
3. Net patient service revenues were $1.8 billion in the quarter, up from $1.6 billion in the same period last year.
4. Salaries and benefit expenses were $1.3 billion in the quarter, up from $1.2 billion in the same timeframe last year. Supply and other expenses were $841.7 million, up $707 million last year.
5. After accounting for nonoperating items, the health system reported a net income of $38.6 million in the quarter, up from a $6 million net loss in the same period last year.
6. For the six months ended March 31, Beth Israel Lahey posted an operating loss of $86.8 million, up from an operating loss of $126.5 million over the same period in 2023. Net income for the six-month period was $87.7 million, up from $17 million last year.