Chicago-based Northwestern Medicine posted $352.3 million in operating income during fiscal year 2023, a 5% increase on the $335.8 million it reported in the previous fiscal year, according to financial documents published Dec. 6.
Total revenue increased 9.2% year over year to $8.7 billion while expenses rose 9.4% to $8.4 billion. Under expenses, salaries increased 11.1% to $528.2 million and supplies increased 11% to $1.9 billion.
After including the performance of its investment portfolio and other nonoperating items, Northwestern ended FY 2023 with an overall gain of $1.1 billion, a significant improvement on the $688.6 million net loss it reported last year.
Northwestern Medicine is an 11-hospital system that comprises with more than 5,400 affiliated physicians. Its flagship facility, Northwestern Memorial Hospital, is among the largest in the country, with 894 beds.