New Hyde Park, N.Y.-based Northwell Health reported operating income of $76.8 million (1.7% margin) in the second quarter of 2024, down from the second quarter of 2023's $169.2 million (4% margin).
Northwell Health posted total operating revenue of $4.5 billion in the three months ended June 30, up from $4.3 billion reported in the same period 2023, according to its Aug. 29 financial report. The health system attributed the revenue growth to increased patient volume, payment rates, pharmacy sales and continued growth in its ambulatory and physician network. Revenue cycle initiatives also contributed to revenue growth.
Operating expenses totaled $4.4 billion in the second quarter of 2024, up from $4.1 billion over the same period last year. Northwell attributed the increase to cost-of-living wage adjustments, inflation trends and increased patient volume.
Management also said the following investments increased operating expenses:
- Facilities and programs to enhance capacity and infrastructure
- Safety, quality and patient experience initiatives
- Ambulatory and physician network expansion
- IT
As of June 30, Northwell had 90 days of cash on hand, down from 95 on Dec. 31, 2023.
After factoring in nonoperating items, such as investment returns, Northwell reported net income of $72.1 million in the second quarter, down from $429.4 million over the same period in 2023.