Penn Medicine extends operating gains of past 5 years

Philadelphia-based Penn Medicine revealed operating income of $160.4 million in its reporting period ending March 31. The seven-hospital system reported positive operating income in the past five years in the May 24 filing.

The most recent reporting period covers the nine months to March 31. While operating expenses increased from the same period in the previous year, revenues totaled $7.4 billion, an 8.4 percent jump.

Within expenses, salaries and wages have climbed consistently since 2018, with the most recent expenses in that category totaling $3.2 billion. That figure represents a 10.4 percent jump on 2018 numbers with a peak $4 billion in such expenses coming in fiscal year 2022.

Penn Medicine said in March it would be cutting administrative positions to help save the health system $40 million annually.

Over the five-year period, Penn Medicine has reported a total of $2.12 billion in operating income.

Overall income for the most recent nine months reporting period was $185.1 million, compared with a $316.6 million gain in the same period ending March 31, 2022.

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