Bon Secours Mercy Health posts $29.5M operating income in Q1

Cincinnati-based Bon Secours Mercy Health reported an operating income of $29.5 million in the first quarter of 2024, up from a $60 million loss reported over the same period last year, according to its May 20 finance report. 

The health system posted net operating revenues of $3.3 billion in the quarter ended March 31 up 11.8% over the same period last year. The system said the growth was primarily attributed to an increase in net patient revenue driven by increased patient volumes.  

Total operating expenses were $3.3 billion for the quarter, up 8.5% year over year, according to the report. 

Employee compensation increased 6%, driven by the increased patient volumes, according to the report. The increase was partially offset by reductions in agency labor expenses as the result of "successful efforts to transition contract labor roles to full-time employees." Agency costs declined from $164.2 million in the first quarter of 2023 to $82.6 million in the first quarter of 2024. . 

Supply expenses increased 10.4% to $671.2 million year over year, according to the report. The system said the increase was largely due to the increase in patient volumes.  

The health system posted a net income of $112.1 million, up from $85 million posted over the same period in 2023. 

Debbie Bloomfield, PhD, is retiring as CFO at the end of 2024 and will begin transitioning from her CFO role on July 1 and shift to financial leadership oversight of the system's subsidiaries. Travis Crum, senior vice president of finance, will take over as CFO on July 1.

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