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.
