Salt Lake City-based Intermountain Health reported an operating income of $370 million (2.2% margin) for the year ended Dec. 31, 2024, up from a $137 million operating gain (0.9% margin) in 2023, according to financial documents published March 18.
Seven things to know:
1. Total revenue increased 6.8% year over year to $17.1 billion. Patient service revenue grew to $10.1 billion from $9.5 billion in 2023, and premium revenue rose to $6 billion from $5.6 billion. Other revenue increased to $1 billion from $940 million.
2. Total expenses climbed 5.7% year over year to $16.1 billion. Labor costs reached $7.2 billion, up from $6.9 billion, while supply costs rose to $3.1 billion from $2.9 billion.
3. Patient service volumes increased across key service lines, supporting revenue growth. However, medical claims expenses also grew 8% year over year to $3 billion.
4. After accounting for nonoperating items, including $1.4 billion in investment income, the 33-hospital system reported a net income of $1.8 billion in 2024, up from $1.6 billion in 2023.
5. Intermountain issued $1.4 billion in new debt and repaid $933 million during the year. The system also invested $852 million in capital projects, down from $930 million the prior year.
6. As of Dec. 31, 2024, Intermountain had $1.2 billion in cash and equivalents and $4.1 billion in long-term debt.
7. Over the next 12 months, Intermountain is focused on keeping pace with the growth in its markets, many of which are seeing population increases, along with an aging demographic, CFO Clay Ashdown said during an episode of “Becker’s CFO and Revenue Cycle Podcast.”
“Meeting that demand requires continued investment in infrastructure, technology, and care delivery models,” Mr. Ashdown said. “At the same time, we’re taking a measured approach to any potential mergers or acquisitions. We evaluate opportunities based on whether we can add meaningful value to a community — whether through clinical best practices, our health plan model, or other capabilities. Any partnership needs to align with our mission and create real benefits for patients and providers.”
