The $0.2 million operating gain was due to a higher patient service margin, partially offset by decreased investment results.
In 2023, revenue increased 12% year over year to $4 billion and expenses also rose 12% to $3.8 billion. Labor costs grew by 9% to $2.1 billion.
After accounting for nonoperating items, including such as investment returns, the health system ended 2023 with a net profit of $217.9 million, compared to a net loss of $89.9 million in 2022.
In September, Norton acquired the remaining 75% stake in the Regional Health Network of Kentucky and Southern Indiana joint venture, which operated Clark Memorial Health in Jeffersonville and Scott Memorial Health in Scottsburg. The transaction ended a joint partnership with Brentwood, Tenn.-based LifePoint Health.
Norton has five hospitals in Louisville and three in Southern Indiana. It plans to open another hospital in West Louisville, Ky., in late 2024.
