Akron, Ohio-based Summa Health reported an operating loss of $8.1 million (-0.4% operating margin) in 2024, an improvement from a $43.5 million operating loss (-2.3% margin) in 2023, according to its financial report for the year ended Dec. 31.
Summa recorded operating revenue of $2 billion in 2024, up from $1.9 billion in 2023. Patient service revenue was $1.3 billion, up from $1.2 billion in 2023. Premium revenue was $474.9 million, up from $455.6 million.
The system reported total operating expenses of $2 billion in 2024, up from $1.9 billion in 2023. Salaries, wages and benefit expenses were $861.3 million, up from $823.4 million the year prior. Material and supply costs were $569.6 million, up from $512.3 million. Medical claims expenses were $278.2 million, up from $271.7 million.
Summa reported a net income of $35.1 million in 2024, up from $20.7 million in 2023.
In November, Summa reached a $485 million definitive agreement to join Health Assurance Transformation Corp., a subsidiary of venture capital firm General Catalyst. Under the agreement, the $485 million purchase amount will help Summa Health, which will transition into a for-profit structure, pay off $850 million in debt. Summa Health’s remaining cash will fund a new, separately governed community foundation to support community investment in the Akron area.
The deal is pending regulatory approval. Summa and HATCo are currently working with regulators in their review process, according to the report.
