Thomas Jefferson University reported a $30.5 million operating loss for the first nine months of fiscal 2024

Thomas Jefferson University reported a $30.5 million operating loss for the first nine months of fiscal 2024

University reported a $30.5 million operating loss for the nine months that ended March 31, compared to a $117.5 million loss in the same period a year ago, according to a notice Wednesday to municipal bond investors.The 17-hospital system reported a total revenue of $7.4 billion in the first nine months of fiscal 2024. Revenue from patient services climbed 3.5%, to $4.7 billion from $4.5 billion, Jefferson said., as it had been doing in recent financial reports.

However, its financial statement showed that insurance payments for medical expenses rose faster than revenue from premiums. Jefferson Health Plans’ payments were up 7% while premiums climbed just 3%. Jefferson noted that the current portion of its long-term debt increased $320.9 million largely because of the construction of the Honickman Center, a new outpatient building inLehigh Valley reported an $11.1 million operating loss in the nine months that ended March 31, compared to a $59.2 million loss in the same period last year.

Source: Education Headlines (educationheadlines.net)

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