Norfolk, Va.-based Sentara Health posted an operating income of $148.3 million in the first quarter of 2024, up 20% from $123.5 million posted over the same period last year, according to its May 14 financial report.
Sentara saw its operating revenues increase 8% year over year to $3.3 billion for the three months ended March 31. The health system said the rise was primarily driven by increases in premium and capitation revenue and net patient service revenue.
Net patient service revenue increased by 16.8% year over year to $1.4 billion. Sentara said this was driven by increased admissions, surgeries, outpatient imaging volumes, and emergency department visits of 7.9%, 1.7%, 6.0% and 10.0%, respectively.
Total operating expenses increased 7.5% year over year to $3.2 billion in the first quarter of 2024. Sentara attributed the rise primarily to increases in salaries and benefits, supplies, other professional fees, purchased and contracted services, purchased labor and other operating expenses.
The system posted a net income of $427.2 million in the quarter, up from $387.8 million posted in the same quarter in 2023.