Reno, Nev.-based Renown Health posted an operating income of $72.7 million (7.3% margin) in the first half of 2024, up from $4.7 million (0.5% margin) over the same period last year.
The health system posted operating revenues of $1 billion for the six months ended June 30, a 15.4% increase over the same period last year, according to its Aug. 26 financial report. Renown attributed the increase primarily to an increase in patient service revenues.
Renown reported total expenses of $928 million in the first two quarters of 2024, a 7.6% increase year over year. Salaries and wages totaled $356.9 million, down from $364.5 million over the same period last year. Supply expenses were $160.5 million, up from $143.4 million. Purchased services totaled $102.1 million, up from $85.2 million. The system also paid $23.7 million in a provider tax associated with a new private hospital assessment program that went into effect in Nevada on Jan. 1.
The system had 253 days of cash on hand as of June 30, up from 250.8 year over year. Renown attributed the 0.9% increase to favorable investment market conditions, partially reduced by higher daily operating expenses.
Renown posted a net income of $127.9 million in the first half of 2024, up from $61.9 million over the same period last year.