Penn Medicine Wraps Up Fiscal 2023 Year With Almost $10B in Annual Revenue

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Penn Medicine new Pavilion in University City in Philadelphia
Penn Medicine new Pavilion in University City in Philadelphia. The health system, which owns 6 hospitals, reported $238 million in operating income for the 2023 fiscal year, reflecting 61 percent year-over-year growth.

Penn Medicine, headquartered in University City, reported $238 million in operating income for the 2023 fiscal year, reflecting 61 percent year-over-year growth, writes Harold Brubaker for The Philadelphia Inquirer.

Penn Medicine owns six hospitals, three of which are in Philadelphia.

The not-for-profit health system recorded an operating margin of 2.4 percent, which is well below pre-pandemic levels of over five percent, as the costs of providing care have risen faster than revenue has gone up.

Penn’s revenue in the fiscal year that ended June 30 reached almost $10 billion, which is an 8 percent increase from $9.2 billion the year before.

Like other health systems, Penn has had to deal with the pressure of higher operating costs. On June 30, 2019, Penn had 235 days of cash on hand. At the end of June 2023, that number had reduced to 191 days.

Penn’s inpatient traffic in fiscal 2023 was above 137,000 admissions, which surpassed the system’s pre-pandemic high of 135,277 four years ago. There was a 14 percent decline in inpatient surgeries, 41,434, but outpatient surgeries were up 19 percent, to 87,679.

Read more about the Penn Medicine’s 61 percent year-over-year revenue growth in The Philadelphia Inquirer.

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