Detroit-based Henry Ford Health recorded an operating income of $294.2 million (3.1% operating margin) in 2024, up from an operating income of $80.5 million (1% margin) in 2023, according to its May 9 financial report.
Five things to know:
1. Henry Ford Health’s 2024 results include its joint venture with Ascension Michigan, which launched Oct. 1. The joint venture brought Ascension’s southeast Michigan and Genesys healthcare facilities and assets together with Henry Ford.
2. The other factors contributing to the increased revenue were a rise in inpatient, outpatient and professional volumes, and increased pharmacy volume. The system also saw $403 million in state-directed supplemental Medicaid payments.
3. The system reported total operating revenue of $9.6 billion for the 12 months ended Dec. 31, up from $7.8 billion posted over the same period last year. Consolidated net patient service revenue increased $1.6 billion to $6.5 billion in 2024. The system attributed $848 million of that increase to its combination with Ascension Michigan.
4. Total operating expenses were $9.3 billion in 2024, up from $7.7 billion in 2023. Salaries, wages and employee benefit expenses were $3.9 billion, up from $3.3 billion. The system attributed $410 million of that increase to its combination with Ascension Michigan. Supply costs were $1.9 billion, up from $1.6 billion.
5. Henry Ford Health reported a net income of $542.4 million in 2024, up from $302.9 million in 2023.
