New Hyde Park, N.Y.-based Northwell Health recorded an operating income of $291.9 million (1.6% operating margin) in 2024, up from an operating income of $197.7 million (1.2% margin) in 2023, according to its April 29 financial report.
Four things to know:
1. The system posted a total operating revenue of $18.6 billion in the year ended Dec. 31, up from $16.9 billion in 2023. Net patient service revenue totaled $13 billion in 2024, up from $11.9 billion in 2023. Physician practice revenue totaled $3.5 billion, up from $3.2 billion.
2. Operating expenses totaled $18.3 billion in 2024, up from $16.7 billion the year prior. Salaries and benefits totaled $11.6 billion, up from $10.8 billion. Supply costs totaled $5.8 billion, up from $5 billion.
3. The system had 95 days cash on hand as of Dec. 31. It also had 95 days cash on hand on Dec. 31, 2023. Long-term debt was $4.9 billion as of Dec. 31, up from $4.2 billion on the same date in 2023.
4. After factoring in nonoperating items, such as investment returns, Northwell reported a net income of $949.3 million in 2024, down from $1 billion in 2023.
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