Third-quarter revenue increased 8.8% year over year to $3.27 billion while expenses grew by 7.8% to $3.3 billion. Revenue growth was primarily driven due to an increase in patient revenue driven by increased patient volumes, according to financial documents published Nov. 27. Labor costs increased 3.7% to $1.58 billion and supply costs increased 10% to $689.9 million.
Bon Secours Mercy Health’s operating EBITDA was $147.8 million (4.5% margin) and $576.6 million (5.9% margin) for the three and nine months ended September 30, respectively, an improvement compared to the prior year periods.
As of Sept. 30, long-term debt was $4.2 billion and days of cash on hand was 222.
After accounting for nonoperating items, such as investment returns, the health system reported a net income of $267.5 million in the third quarter, reversing a $174.6 million net loss in the third quarter of 2023.
In July 2024, the health system received a one-time cash distribution of $331.3 million dividend from Ensemble Health Partners, a revenue cycle management company in which Bon Secours Mercy Health holds a 41.4% ownership stake.
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