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.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
