San Diego-based Scripps Health posted an operating income of $75.8 million (6.2% margin) in the third quarter of 2024, up from an operating loss of $33.9 million (-3.2% margin) posted over the same period last year.
Total operating revenues were $1.2 billion for the three months ended June 30, up from $1.1 billion posted over the same period last year, according to its finance report released Aug. 21. Patient service revenues were $982.5 million for the quarter, up from $797.7 over the same period in 2023.
Operating expenses totaled $1.15 billion for the quarter, up from $1.1 billion over the period in 2023. Wage and benefit costs were $483.6 million, up from $456.1 million, Supply costs were $212.7 million, up from $197.6 million.
Days of cash on hand was 360.4 as of June 30, up from 307.1 on Sept. 30.
Scripps posted a net income of $134.4 million in the third quarter up from $90.9 million in the same quarter last year.
For the nine months ended June 30, Sripps posted an operating income of $168.2 million, up from a $53.1 million loss over the same period last year.
Scripps said the increase in operating income was attributable to an 8.3% increase in hospital volumes and a $62.2 million increase in net reimbursement from the Provider Fee Program. The program charges hospitals a quality assurance fee that is used to obtain federal matching funds for Medi-Cal with the proceeds redistributed as supplemental payments to California hospitals that treat Medi-Cal patients.