Operating revenue increased 7% year over year to $5.2 billion in the fiscal third quarter, with patient care revenue rising 5% to $3.4 billion. Mass General Brigham also posted $563 million in health plan premium revenue (+9%), $732 million in research and academic revenue (+4% increase) and $521 million in other revenue (+21%).
Operating expenses totaled $5.2 billion, a 7% year-over-year increase, reflecting increases in medical claims (+9%), wages and benefits (+5%), and costs and use of pharmaceutical (+20%) and other clinical (+7%) supplies.
The health system said it is making progress to reduce its expense growth to ensure long-term financial sustainability amid ongoing financial and workforce pressures.
“Our ongoing work to promote responsible resource stewardship and diversify our revenue sources will enable continued investment in our mission-driven work to improve patient outcomes and support the health of our communities,” CFO and Treasurer Niyum Gandhi said in an Aug. 15 news release.
Mass General Brigham reported $277 million in net income for the three months ended June 30, 2024, including a nonoperating gain of $230 million. In the prior-year period, it reported $437 million in net income, including a nonoperating gain of $368 million.
“Our ongoing work to ensure financial stability and access to high-quality affordable care will enable our long-term efforts to build a more impactful, patient-focused and equitable health system with the highest quality research-infused care that improves outcomes and experiences for all we serve,” President and CEO Anne Klibanski, MD, said.
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