Orlando (Fla.) Health posted an operating income of $158.3 million (8.7% margin) in the third quarter of 2024, up from $118.2 million (7.9% margin) in the same quarter last year, according to its Aug. 23 financial report.
The health system reported revenue of $1.8 billion for the three months ended June 30, up from $1.5 billion posted over the same period last year. Net patient service revenue was $1.6 billion for the quarter, a 16.9% increase over the same period last year. Adult admissions increased 13.1% and emergency room visits increased 8.9% over the same period in 2023.
Total expenses were $1.7 billion for the quarter, up from $1.4 billion over the same period last year. Orlando Health said the rising costs correlated to increased volumes as well as increases in labor and supply costs. Salaries and benefit costs were $876.2 million for the quarter, up from $734.4 million over the same period in 2023. Supply costs were $387.1 million, up from $324.8 million.
Orlando Health posted a net income of $136.5 million in the quarter, down from $190.9 million posted in the third quarter last year. The system had nonoperating losses of $21.1 million — including investment losses of $19.2 million — compared with a nonoperating gain of $73.3 million ($77.3 million investment income) in the same quarter last year.