Cleveland-based University Hospitals posted an operating loss of $118.9 million (-3.8% margin) in the first half of 2024, compared to a loss of $73.9 million (-2.5% margin) over the same period in 2023, according to its financial report released Sept. 13.
University Hospitals posted an operating revenue of $3.1 billion for the six months ended June 30, according to the report. That's up from an operating revenue of $2.9 billion over the same period last year. Net patient service revenue was $2.9 billion, up from $2.7 billion.
The health system saw total expenses of $3.2 billion in the first half of 2024, up from $3 billion over the same period in 2023. Salaries, wages and employee benefits totaled $1.8 billion in the first half, up from $1.6 billion over the same period last year. Patient care supply costs totaled $764.2 million, up from $679.7 million. Other expenses totaled $305.8 million, up from $258.6 million.
The system had 122 days of cash on hand as of June 30, down from 142 on Dec. 31.
University Hospitals posted a net loss of $14.9 million in the first half of 2024, down from a net income of $23.4 million reported over the same period last year.