Renown said the increase was due to the “growth in overall operating revenues significantly outpacing the increase in operating expenses.”
The system saw operating revenues of $497.1 million for the quarter ended March 31, up 17.5% year over year. Renown attributed the jump in revenues primarily to an increase in patient service revenues.
Total expenses were $464.7 million, up 9.3% year over year. Salaries and wages decreased from $183.3 million in the first quarter of 2023 to $176.1 million in the first quarter of 2024. Supply costs rose from $70.2 million in the first quarter of 2023 to $80.5 million in 2024.
Renown posted a net income of $69.7 million in the quarter, up from a net income of $32.5 in the same period last year.
