The system had an operating margin of 1.7% for the nine months ended March 31, compared to a -1.4% margin over the same period last year, according to the report.
Total operating revenues increased 14.8% year over year to $6.8 billion. Patient service revenues also increased 14.8% to $6.2 billion, which Mercy attributed to higher volumes and contracted rate improvements. Total patient discharges were 16.5% higher than last year.
Operating expenses increased 11.2% year over year to $6.6 billion. Salaries and benefits increase 10% year over year to $3.8 billion, which Mercy attributed to wage inflation, offset by a decrease in premium labor costs. Supplies and other expenses increased 12.4% year over year to $2.4 billion. Mercy attributed that increase to volume increases, as well as higher medical supply and drug costs as a result of changes in patient acuity/service mix.
Mercy posted a net income of $434.9 million, up from a net income of $11.9 million over the same period last year.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
