Grand Rapids and Southfield, Mich.-based Corewell Health operating margin was 2.1% for the first six months of 2024 ended June 30, compared with an operating margin of 1.7% during the same time period last year, according to the health system's Aug. 14 financial report.
Corewell Health is a non-profit health system that comprises 21 hospitals, more than 300 outpatient locations, multiple post-acute facilities and Priority Health coverage, a provider-sponsored health plan.
Here are six findings from the report:
1. Corewell Health's operating revenue was $8.1 billion for the first six months of 2024 ended June 30, a 9% increase from $7.5 billion during that same period in 2023.
2. Operating expenses for the health system were $8 billion, a 9% increase from $7.3 billion over the same time period last year.
3. Corewell Health's net income was $509.84 million, down 12% from $580 million during the same period in 2023.
4. Operating income was $170 million, a 31% increase from $130 million during the same period last year.
5. Debt for the health system was $2.2 billion, with total assets around $16.4 billion.
6. Days cash on hand for the system was 209.6 at June 30, 2024, up from 205.1 days on Dec. 31.