Providence, R.I.-based Brown University Health, formerly Lifespan, reported an operating income of $44.7 million (1.3% margin) in the fiscal year ending Sept. 30, 2024, nearly six times the $8.6 million (0.3% margin) operating gain reported in the previous fiscal year.
Four things to know:
1. Revenue increased 12% year over year to $3.49 billion while expenses grew by 10.9% to $3.45 billion, according to financial documents published Nov. 27. In the fiscal fourth quarter, the three months ending Sept. 30, 2024, revenue increased 6.4% year over year to $848.3 million and expenses rose 10.8% to $875.1 million.
2. Brown Health's net income in FY 2024 was $148.7 million, up from $37.1 million in FY 2023. Net income for the three months ending Sept. 30, 2024, was $14.8 million, compared to a net loss of $7.5 million during the same quarter in 2023.
3. As of Sept. 30, 2024, the health system's long-term debt stood at $700 million, compared to $391.2 million a year earlier.
4. Brown Health on Oct. 1 acquired Taunton, Mass.-based Morton Hospital and Fall River, Mass.-based St. Anne's Hospital. The hospitals were previously owned by Dallas-based Steward Health Care.