Midland, Mich.-based MyMichigan Health saw an operating income of $26.7 million (6.6% operating margin) in the fourth quarter of 2024 ended June 30, a 454.8% increase from an operating income of $4.8 million (1.4% operating margin) during the same time period in 2023, according to the health system's Aug. 20 financial report.
The health system recently completed the acquisition of St. Louis-based Ascension's Michigan locations in Saginaw, Standish and Tawas.
Here are five findings from the report:
1. MyMichigan's net income in the fourth quarter of 2024 ended June 30 was $56.4 million, a 37% increase from $41.2 million during the fourth quarter of 2023.
2. Total revenue for the health system was $404.2 million in the fourth quarter this year, a 15.3% increase from $350.5 million from the same time period last year.
3. Total expenses for MyMichigan were $377.6 million, a 9.2% increase from $345.7 million in the fourth quarter of 2023.
4. MyMichigan's days cash on hand were 313 for the quarter ended June 30, 2024, an increase from 293 the same period last year.
5. Operating income for MyMichigan's 2024 fiscal year was $51.3 million, a 294.4% increase from $13 million during the 2023 fiscal year. Total revenue for the system's fiscal year 2024 was $1.5 billion, a 12.1% increase from $1.3 billion in 2023.