Cleveland-based University Hospitals posted an operating loss of $172.6 million in 2024 (-2.7% operating margin), an improvement from a $256.1 million operating loss (-4.4% margin in 2023), according to its April 7 financial report.
University Hospitals reported total revenue of $6.4 billion for the year ended Dec. 31, up from $5.9 billion in 2023. Net patient service revenue was $5.9 billion in 2024, up from $5.4 billion the year prior.
The system said the primary driver of its revenue increase in 2024 was UH Home Care. More than 42% of that division’s growth was from its specialty pharmacy line.
Total operating expenses were $6.6 billion in 2024, up from $6.1 billion in 2023. Salaries, wages and employee benefit costs were $3.6 billion in 2024, up from $3.4 billion the year prior. Patient care supplies totaled $1.6 billion in 2024, up from $1.4 billion.
As of Dec. 31, University Hospitals had 145 days cash on hand, up from 142 on the same date in 2023. As of Dec. 31, the system had a long-term debt of $1.7 billion.
University Hospitals reported a net income of $18.1 million in 2024, up from a net loss of $48.4 million in 2023.
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