Philadelphia-based Temple University Health System posted an operating income of $1.1 million (0% operating margin) in fiscal 2024, up from a $58.8 million operating loss (-2.3% operating margin) in 2023, according to its Sept. 24 financial report.
The system reported revenues of $2.9 billion for the year ended June 30, up from $2.6 billion over the same period last year. Net patient service revenues were $2.8 billion, up from $2.5 billion in 2023. Outpatient revenues increased by $149 million year over year, largely driven by the performance of its specialty and retail pharmacies, according to the report. Inpatient and physician revenues increased by $62 million and $28.5 million respectively, driven by higher volumes.
Temple reported total expenses of $2.9 billion in 2024, up from $2.6 billion last year. Salaries and employee benefit expenses totaled $1.53 billion, up from $1.46 billion in 2023. Supply and pharmaceutical costs were $672.8 million in 2024, up from $598.3 million over the same period last year.
Days of cash on hand was 124, as of June 30, down from 126 on the same date in 2023.
Temple reported a net income of $79.1 million in 2024, up from $6.3 million last year.