Midland, Mich.-based MyMichigan Health saw a 6.2% year-over-year increase in operating income to $7.5 million while net income decreased by 60% to $20 million for its second quarter running Oct. 1 to Dec. 31, 2023.
The nonprofit health system also saw expenses increase by 9.2%, or $30.3 million.
MyMichigan reported an increase in salaries and benefits, supplies, purchased services, and additional fees, according to a Jan. 18 MyMichigan financial report.
Due to increased patient volumes, the health system also saw an 11.4% year-over-year increase in net patient service revenue, or $35.7 million. Additional operating revenue hit $5 million below the same time in 2022 as a result of lower COVID-19 relief funds recognized in fiscal 2024.
Some of the important margin improvement factors that MyMichigan is looking to achieve in fiscal 2024 include improving patient access at all care points; maintaining and increasing patient volume; managing staff through matching them to patient volume demands; reducing inpatient stay lengths and managing observations; and reducing overtime, agency and locum labor reliance.
MyMichigan Health has more than 10,180 employees with multiple medical centers, urgent care centers, home health and virtual care services, and medical offices. The health system has providers in over 80 specialties and subspecialties, according to its website.