Cambridge, Mass.-based Beth Israel Lahey Health reported a $23.3 million operating loss (-1% margin) for the three months ended June 30, compared to a $15.3 million loss (-0.8% margin) in the same period in 2023.
Revenue for the three-month period increased 14.9% year over year to $2.29 billion while expenses rose 11.3% to $2.31 billion, according to financial documents published Aug. 29. Salaries and benefits increased 27.5% year over year to $1.44 billion.
Net income for the quarter was $28.9 million, compared to a $1.8 million net income in the same period in 2023
Beth Israel Lahey recently implemented a new budget system, a decision-support system and an enterprise resource-planning system. The health system also installed the first phase of Epic's EHR system, with Phase 2 coming in October and the last phase in the next fiscal year.
"The focus, once we implement this infrastructure, is then to take that and push the needle further on ChatGPT, AI," CFO Cyndy Rios told Becker's. "For the revenue cycle specifically, we want to get to the point where we're leveraging bots. We need to first implement the infrastructure and give ourselves a solution that we leverage across the system so that we can then build that next level. We can't take off until the basic platforms are in place."