Providence, R.I.-based Lifespan reported an operating income of $11.5 million (1.3% margin) in the third quarter of 2024, up from an operating income of $8.8 million (1.1% margin) posted over the same period last year.
The system saw total operating revenues of $873 million in the quarter ended June 30, up from $797.1 million over the same period in 2023, according to its Aug. 28 financial report. Patient service revenue increased 7.8% year over year. Discharges increased 4.6%, resulting in $35.4 million in additional patient service revenue, while changes in payer mix and rates resulted in a net increase of $16.5 million.
Total operating expenses hit $861.5 million in the quarter, up from $788.3 million over the same period last year. The increased costs were attributed to a 6.3% rise in compensation and benefits, a 14.6% increase in supplies and other expenses and a 22.1% increase in license fees.
Net income in the second quarter was $13.3 million, down from $14.1 million over the same period in 2023.
Through the first three quarters of 2024, Lifespan reported an operating income of $71.5 million, up from $1.7 million posted over the same nine-month period in 2023. Its net income through the first three quarters is $134 million, up from $44.6 million.