Pittsburgh Business Times: St. Clair Health sees operating income double in fiscal year 2024
Operating income more than doubled and net patient service revenue rose 10% for St. Clair Hospital in 2024 as the Mount Lebanon-based system navigated the post-pandemic health care landscape.
Operating income was $12.8 million in the fiscal year ended June 30, 2024, up from $5.2 million in the same period a year ago. That was led by net patient service revenue of $407.6 million, compared to $369.5 million in 2023. Operating expenses were up 7.8% but St. Clair Hospital’s operating margin was 3% in 2024 compared to 1.4% the year before.
St. Clair Health owns St. Clair Hospital, a 329-bed hospital about six miles south of Pittsburgh plus two outpatient centers in Bethel Park and Peters Township.
In a financial statement released to bondholders, St. Clair Health said its financial performance over the year was helped by less expenses for extra and premium-cost labor while at the same time outpatient levels increased. St. Clair also had $2.5 million in CARES Act funding from the federal government in the first quarter of 2023 and none since then. Expenses were still higher due to inflation and using more supplies overall and pharmaceuticals in its oncology programs.
The health system added 89 full-time equivalents in fiscal year 2024 compared to fiscal year 2023, which allowed it to cut down on the number of higher-priced traveling and agency nurses and other staff.
St. Clair saw 13,053 acute cases in the year, down 6% while observations were up 10% to 4,902. The drop in acute inpatient care was due in part to shifting some orthopedic procedures from inpatient to outpatient, St. Clair Health said.
Correction/Clarification
Clarifies the financials are for St. Clair Health.
Resource: https://www.bizjournals.com/pittsburgh/news/2024/11/04/st-clair-health-operating-income-doubles.html
First Published November 4, 2024, at 8:58 a.m.