Most health systems saw revenues grow in 2023 as patient volumes rebounded and provider productivity increased. However, expenses continued to grow at a rapid rate, outpacing revenue for many systems.
Health system financials reflect a strong start to 2024, though the aftermath of the Change Healthcare cyberattack and competition from disruptors may test financial performance in coming months, according to Kaufman Hall's latest "National Hospital Flash Report."
Here are 48 health systems ranked by their annual revenue:
Note: This is not an exhaustive list. The following financial results are for the 12 months ending Dec. 31, 2023, unless otherwise stated.
1. Kaiser Permanente (Oakland, Calif.): $100.8 billion
2. HCA Healthcare (Nashville, Tenn.): $65 billion
3. CommonSpirit (Chicago): $34.5 billion
*Results for the 12 months ending June 30, 2023
4. Ascension (St. Louis): $28.4 billion
*Results for the 12 months ending June 30, 2023
5. UPMC (Pittsburgh): $27.7 billion
6. Providence (Renton, Wash.): $28.7 billion
7. Advocate Health (Charlotte, N.C.): $27 billion
*Projected revenue for 2023
8. Trinity Health (Livonia, Mich.): $21.6 billion
*Results for the 12 months ended June 30, 2023
9. Tenet Healthcare (Dallas): $20.6 billion
10. Mass General Brigham (Boston): $18.8 billion
*Results for the 12 months ended Sept. 30
11. Mayo Clinic (Rochester, Minn): $17.9 billion
12. Intermountain Health (Salt Lake City): $16.1 billion
13. Sutter Health (Sacramento, Calif.): $16.1 billion
14. Cleveland Clinic: $14.5 billion
15. Universal Health Services (King of Prussia, Pa.): $14.3 billion
16. Banner Health (Phoenix): $14.1 billion
17. Baylor Scott & White (Dallas): $13.9 billion
*Results for the 12 months ending June 30, 2023
18. Community Health Systems (Franklin, Tenn.): $12.5 billion
19. Bon Secours Mercy Health (Cincinnati): $12.2 billion
20. SSM Health (St. Louis): $10.5 billion
21. Northwestern Medicine (Chicago): $8.7 billion
*Results for the 12 months ending Aug. 31
22. IU Health (Indianapolis): $8.6 billion
23. Novant Health (Winston-Salem, N.C.): $8.3 billion
24. NYU Langone (New York City): $8.3 billion
*Results for the 12 months ending Aug. 31
25. Stanford Health Care (Palo Alto, Calif.): $7.9 billion
*Results for the 12 months ending Aug. 31
26. Christus Health (Irving, Texas): $7.8 billion
*For the 12 months ending June 30
27. MedStar Health (Columbia, Md.): $7.7 billion
*Results for the 12 months ending June 30, 2023
28. Henry Ford Health (Detroit): $7.8 billion
29. Geisinger (Danville, Pa.): $7.7 billion
30. Beth Israel Lahey Health (Cambridge, Mass.): $7.7 billion
*Results for the 12 months ending Sept. 30
31. Sanford Health (Sioux Falls, S.D.): $7.2 billion
32. Montefiore (New York City): $7.7 billion
33. UCHealth (Aurora, Colo.): $6.9 billion
*For the 12 months ending June 30
34. BJC HealthCare (St. Louis): $6.9 billion
35. Orlando (Fla.) Health: $6.1 billion
*Results for the 12 months ending Sept. 30
36. Prisma Health (Greenville, S.C.): $6 billion
*For the 12 months ending Sept. 30
37. Inova Health System (Falls Church, Va.): $5.7 billion
38. Allina Health (Minneapolis): $5.2 billion
39. Allegheny Health Network (Pittsburgh): $4.7 billion
40. Sharp HealthCare (San Diego): $4.7 billion
*For the 12 months ending Sept. 30
41. Scripps Health (San Diego): $4.3 billion
*For the 12 months ending Sept. 30
42. OSF HealthCare (Peoria, Ill.): $4.1 billion
*For the 12 months ending Sept. 30
43. Norton Healthcare (Louisville, Ky.): $4 billion
44. ProMedica (Toledo, Ohio): $3.3 billion
45. HonorHealth (Scottsdale, Ariz.): $3.1 billion
46. Parkview Health System (Pueblo, Colo.): $2.8 billion
47. Tufts Medicine (Boston): $2.6 billion
*Results for the 12 months ending Sept. 30
48. Premier Health (Dayton, Ohio): $2.3 billion