Friday, June 21, 2024

The Top Ten Nonprofit Hospitals By Operating Revenue

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From Fierce Healthcare:

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Within the nonprofit hospital sector specifically, Fitch Ratings Senior Director Kevin Holloran described 2023 as “a turning point for many to the positive … yet, margins remain compressed compared to pre-pandemic trends and 2024 will remain challenging.”  Though Kaufman Hall noted that operating numbers are generally stronger among the larger, better-resourced health systems, a look at the nation’s 10 largest nonprofit health systems’ financial statements still outlines that trend of revenue growth and mixed performances.

On average, these 10 systems reported an 8.4% year-over-year increase in total operating revenues for their respective 2023 fiscal years—a clear jump over the 2.5% average from FY2021-FY2022. Mass General Brigham led the way among this class with a 12.7% year-over-year revenue bump, though Kaiser Permanente still stands as the largest by a wide margin after clocking its first $100 billion year.  At the same time, half of the nonprofit systems on this list—CommonSpirit Health, Ascension, Providence St. Joseph Health, UPMC and Trinity Health—recorded operating losses for their 2023 fiscal year.

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darryll k. jones

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