Penn added another $10 million in extra reserves for anticipated medical malpractice expenses.
The University of Pennsylvania Health System, which topped $10 billion in annual revenue in fiscal 2024, owns Pennsylvania Hospital in Center City.Health System topped $10 billion in annual revenue for the first time and reported $278 million in operating profit in the year that ended June 30, up 17% from $238 million last year, the nonprofit health system said Thursday.
Its operating cash flow margin was 7.2% for the year, down slightly from 7.4% the year before. “We have a solid operating margin, but every year we have rates that don’t keep pace with our expense inflation,” said, partially offset by an extra $90 million set aside for future medical malpractice costs. Those costs are expected to rise significantly in the next few years.Penn’s total revenue climbed 9.3% to $10.9 billion, up from $9.97 billion in fiscal 2023.
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