Hollywood, Fla.-based Memorial Healthcare, a six-hospital system, reported operating income of $86.4 million in fiscal year 2023 on revenue of almost $3 billion.
With expenses increasing in the period by 7.3 percent, the positive operating income was lower than the previous year. The operating margin went down from 4 percent in fiscal 2022 to 2.9 percent.
Salaries and wages increased in the period by 9 percent to total $1.4 billion. Benefits rose 16.9 percent.
Net income for the year totaled $109.8 million compared with a net loss of $16.2 million in 2022. The system had $896.9 million in long-term debt at the end of the fiscal year.