Urbana, Ill.-based Carle Health posted an operating income of $55.9 million (1.5% operating margin) through the third quarter of 2024, up from an operating loss of $161.7 million (-5.1% margin) over the same period last year, according to its Nov. 18 financial report.
Executive Vice President and Chief Financial and Strategy Officer Dennis Hesch told Becker's that the system is making targeted adjustments to "address today’s financial reality in the healthcare industry."
"This approach, and our team members' steadfast commitment to financial stewardship, continues to result in improved financial performance for Carle Health and exceptional service for our patients and members," Mr. Hesch said. "Our focus on financial sustainability helps ensure Carle's long‐term success and allows us to focus on the communities we serve."
Carle posted total revenues of $3.7 billion for the nine months ended Sept. 30, up 15.8% from the same period last year. The system reported patient service revenues of $2.1 billion, up 24.5% year over year. Net premium revenues reached $1.5 billion, up 5.5% year over year.
The system reported total expenses of $3.6 billion through the third quarter, up 8.5% year over year. Carle reported labor costs of $1.5 billion, up 14.4% year over year. Medical benefit expenses were $1.1 billion, up 4.2% year over year. Patient care and other supply costs were $414 million, up 15.7% year over year.
Carle reported a net income of $297.1 million through the quarter, up from $277.2 million over the same period last year.