Falls Church, Va.-based Inova posted an operating income of $269 million (5.6% operating margin) through the third quarter of 2024, up from an operating income of $125.7 million (3% margin) over the same period last year, according to its Nov. 21 financial report.
Inova reported total operating revenues of $4.8 billion for the nine months ended Sept. 30, a 14.1% increase year over year. Net patient service revenues were up 13.9% to $4.5 billion. The system attributed the increase to a rise in patient volume related to admissions, surgical cases, emergency visits and other outpatient visits.
Total operating expenses rose 11% year over year to $4.5 billion. Salaries and benefits increased 9.5% year over year to $2.5 billion. Inova attributed this increase to merit and market-based pay adjustments, and an increase in clinical staffing resulting from increased patient volumes.
Other operating expenses increased 14% year over year to $1.7 billion, which Inova attributed to inflation, increased medical supplies, pharmaceutical costs and other costs associated with increases in patient volume.
The system reported a net income of $1.3 billion through the third quarter of 2024, up from a net income of $675.2 million over the same period last year.
Inova named Rick Talento permanent CFO on Nov. 21. He had served as acting CFO since March. He previously led finance for Inova's acute hospitals and service lines.