Detroit-based Henry Ford Health posted an operating income of $268.9 million (4.1% operating margin) through the first three quarters of 2024, up from $27.3 million (0.5% margin) over the same period last year, according to its Nov. 14 financial report.
Henry Ford posted revenue of $6.5 billion for nine months ended Sept. 30, up from $5.8 billion over the same period last year. The system reported a net patient service revenue of $4.3 billion for the quarter, up from $3.6 billion over the same period in 2023.
Officials attributed the 18.7% increase in net patient service revenue to increased inpatient and professional volumes, increased pharmacy volume and $353 million in state-directed supplemental Medicaid payments.
Henry Ford reported total expenses of $6.2 billion in the third quarter, up from $5.7 billion reported in the same quarter last year.
Salaries, wages and benefit expenses reached $2.6 billion in the quarter, up from $2,4 billion over the same period in 2023. The 6.9% increase was attributed to the effect of wage programs implemented in 2023 and 2024, coupled with increased staffing to meet volume needs, partially offset by a decreasing reliance upon temporary agency staffing.
Supply costs reached $1.3 billion, up from $1.2 billion reported over the same period last year. The 11.4% increase was primarily related to the increased volume in net patient service revenue and pharmacy volumes and service mix.
Henry Ford Health had 150 days cash on hand as of Sept. 30, up from 144 reported on Dec. 31.
The system reported a net income of $515.3 million through the first three quarters of 2024, up from $116.6 million over the same period last year.