Main Line Health reported a $50 million operating loss for the first nine months of fiscal 2024

Health reported a $50 million operating loss for the nine months that ended March 31, compared to a $114 million loss the same period a year ago, the nonprofit health system told investors Monday., which has four acute-care hospitals in Chester, Delaware, and Montgomery counties, said its revenue climbed a strong 8% to $1.78 billion from $1.64 billion.

Main Line CEO Jack Lynch said last fall that many of the health system’s contracts with private insurers were updated last year. Those higher rates could have been a factor in the revenue gain.Expenses: The cost of paying employees and contract staff was the fastest-growing item on the expense side for Main Line. Salaries, benefits, and outside fees were up 5.9%. That amounted to 63% of net patient revenue. Labor is typically the biggest expense for health systems. Main Line’s overall expenses rose 3.7%.Fiscal 2023 results included $8.1 million in COVID-19 aid from the Federal Emergency Management Agency. This year, that figure was just $710,172.

Source: Healthcare Press (healthcarepress.net)

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