Philadelphia-based Thomas Jefferson University, owner of Jefferson Health, reported a $1.3 million operating income (0% margin) in fiscal year 2024, up from a $78.5 million loss (-0.8% margin) over the same period last year.
Six things to know:
1. Jefferson posted total revenues of $10 billion for the year ended June 30, up from $9.7 billion over the same period last year, according to its financial report released Aug. 14.
2. Net patient service revenues were $6.4 billion in fiscal 2024, up from $6.1 billion posted in the same period in 2023. Insurance premium revenues were $2.2 billion, up from $2.1 billion last year.
3. Total expenses were $10 billion, up from $9.8 billion in 2023.
4. Salary and wage expenses hit $3.9 billion in 2024, up from $3.8 billion. Insurance service medical expenses were $1.7 billion, up from $1.6 billion. Supply costs were $748.1 million, up from $722.8 million.
5. Jefferson's net income was $232.2 million in 2024, up from $209.6 million in 2023.
6. On Aug. 1, Jefferson and Allentown, Pa.-based Lehigh Valley Health merged to create one of the 15 largest nonprofit health systems in the U.S.