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Temple University Health System’s operating loss for the second six months of 2023 will be $75.3 million, up from a loss of $103.1 million a year earlier, the North Philadelphia nonprofit said in a report to bondholders Wednesday. announced that it had been reduced.
The health system’s revenue increased 8% to $1.26 billion, primarily due to increased outpatient pharmacy business.Most health services experienced an increase in patient visits Temple reports that this is also boosting revenue. Total expenses increased by his 5% and Temple was able to reduce operating losses.
But Temple has seen a decline in the number of organ transplants, a lucrative field with 175 patients in the six months ending Dec. 31, down from 180 a year earlier.
Despite an additional $65 million in borrowings from its credit facility, Temple had cash on hand of $834.7 million as of Dec. 31, down from $888.3 million a year earlier. Reserves decreased from operating cash of 132 days to 119 days of operating cash at December 31, 2022. Since the pandemic, days of cash reserves have declined across the industry as spending continues to rise.
The report does not include detailed financial results for Chestnut Hill Hospital, which Temple acquired in early 2023 in partnership with Philadelphia College of Osteopathic Medicine and Redeemer Health.
But Temple provided statistics on the number of patients at the 148-bed Philadelphia hospital. His last six months of last year’s hospitalization numbers showed he was down nearly 6% compared to the previous six months under the previous owner. Tower Health. On the positive side, emergency department visits increased by 6% for him, and inpatient and outpatient surgeries each increased by 27%.
Additional nonprofit health system results
Children’s Hospital of Philadelphia bucked the trend of large health systems in the Philadelphia region reporting more revenue growth than spending. CHOP’s operating profit for the six months ended Dec. 31, announced Tuesday, fell to $39.2 million from $96.2 million a year earlier. The nonprofit’s total revenue rose 9.7% to $2.2 billion, but expenses rose even more by 13%.
Doylestown Health reported an operating loss of $8 million for the second half of 2023, down from nearly $20 million a year earlier. Total revenue increased slightly from $216.2 million to $216.8 million. In December, the University of Pennsylvania Health System announced a tentative agreement to acquire Doylestown, which operates a 247-bed hospital.
Redeemer Health, one of Temple’s partners at Chestnut Hill Hospital, reported an operating loss of $21 million, about the same as the last six months of 2022. Its total revenue fell 5% to $222 million. Redeemer owns the 239-bed Hawley Redeemer Hospital in Meadowbrook, Montgomery County.
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