Falls Church, Va.-based Inova Health System reported an operating income of $170.4 million (5.4% margin) in the first half of 2024, up from an operating income of $97.7 million (3.5% margin) posted over the same period last year, according to its financial report released Aug. 28.
The health system posted total operating revenues of $3.2 billion for the six months ended June 30, a 13.3% increase over the same period last year. Net patient service revenue totaled $3 billion, a 13.1% increase year over year. Inova said the rise was primarily attributable to an increase in patient volume related to admissions, emergency visits and other outpatient visits.
Operating expenses were $3 billion in the first half of 2024, an 11.1% increase year over year. Salaries and benefits totaled $1.6 billion, a 10.3% increase over the same period last year. Inova attributed the rise to merit and market-based pay adjustments, and an increase in clinical staffing resulting from increased patient volumes.
Other operating expenses totaled $195.1 million, a 12.7% increase year over year. Inova said the increase was primarily due to inflation, increased medical supply, pharmaceutical, and other costs associated with increases in patient volume.
After accounting for nonoperating items such as investment income, Inova reported a net income of $607.5 million for the first six months of 2024, up from $473.2 million over the same period last year.