Scottsdale, Ariz.-based HonorHealth reported a $32.8 million operating gain (1.1% margin) in 2023, up from a loss of $4.3 million (-0.2% margin) in 2022, according to financial documents published March 27.
Revenue for the health system increased 9.4% year over year to $3.1 billion while expenses rose 8% to $3 billion.
Labor costs increased 6.4% to $1.4 billion and supply costs grew by 9.9% to $1.4 billion.
After accounting for nonoperating items, such as investment returns, HonorHealth posted a net profit of $150.7 million in 2023, compared to a net loss of $130.5 million in 2022.