New Orleans-based Ochsner Health reported $1.8 billion in total revenue for the first three months ended March 31, 2024, a 4% increase from $1.72 billion during the same time period in 2023, according to its recent financial report.
Ochsner Health comprises 26 hospitals, 177 health centers, and 28 urgent care and occupational health clinics. It has around 2,000 physicians, according to the report.
Here are five findings from the report:
1. The nonprofit health system saw $1.8 billion in total expenses in the first quarter of 2024, a 5% increase from $1.7 billion during the same time period in 2023.
2. Ochsner Health saw an operating loss of $25.5 million for the three months ended March 31, a 194% decrease from a $8.7 million loss in the first quarter of 2023.
3. The excess of revenues over expenses attributable to Ochsner Clinic Foundation decreased 80% to $7.2 million.
4. Salaries and wages increased to $803.5 million in the first quarter of 2024. The increase was due to wage inflation and an increase in providers to meet patient demand, according to the report.
5. Ochsner Health has $2.2 billion in long-term debt outstanding as of March 31, 2024, and Dec. 31, 2023. It also has about 118 days of cash on hand.