Temple University Health System doubles annual operating income

Philadelphia-based Temple University Health System saw its financial position improve in the 12 months ended June 30, according to unaudited financial documents.

The health system reported revenues of $2.27 billion in the fiscal year ended June 30, up from $2 billion in the same period a year earlier. Total net patient service revenue increased 7.7 percent year over year. 

The health system's operating expenses climbed 11.9 percent year over year to $2.2 billion in the 12 months ended June 30. Expenses increased across most categories, including salaries and employee benefits. 

Temple University Health System said it ended the 12-month period with operating income of $78.6 million, up from $37.7 million a year earlier. 

The health system said the COVID-19 pandemic drove decreases in patient volumes across all of its campuses. It received $90 million in payments under the Coronavirus Aid Relief and Economic Security Act in the quarter ended June 30 to help offset losses tied to the pandemic. 

Temple University Health System's net income climbed nearly 93 percent year over year to $95 million. 

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