Hershey, Pa.-based Penn State Health saw $22.9 million in operating income in the first six months of fiscal year 2024, ending Dec. 31, 2023, a 120% increase from a loss of $114.1 million for the first six months of fiscal year 2023, according to a recent financial report.
Six things to know:
1. The health system saw overall revenue increase 14.5% to $2.1 billion in the first six months of fiscal year 2024 compared to the previous time period in 2023. Expenses also saw an increase of 13.6% to $2 billion.
2. Net income saw a 153% increase to $58.5 million from a $110.5 million net loss over the previous time period in 2023.
3. "Our efforts to be fiscally responsible while also responding to the needs of the communities we serve are working," Steve Massini, CEO of Penn State Health, said in a Feb. 28 news release. "We are committed to operating efficiently for our long-term sustainability while always delivering the best quality medical care and experience to the people of Pennsylvania and beyond."
4. Penn State Health saw 92 days of cash on hand with $10.6 million in average daily cash operating expenses for the six months ending Dec. 31, 2023.
5. "Our improved financial performance signals the long-term success of Penn State Health even at a time when health systems nationwide are experiencing significant headwinds," Paula Tinch, executive vice president and CFO of Penn State Health, said in the release. "However, we realize we have more work ahead as we continue to drive our revenue growth and continue to improve our operating costs."
6. The health system saw a 17.7% increase in hospital admissions, and outpatient visits also increased by 16%.