Temple University Health System Releases Financial Results for Q3 2024

Temple University Health System reported an operating loss of $23.3 million for the nine months ending March 31, a significant improvement from the $53.2 million loss during the same period in the previous year. The nonprofit organization based in North Philadelphia shared this update with investors.

In terms of revenue, Temple saw an increase from $1.91 billion to $2.08 billion in the first nine months of fiscal 2024, representing an impressive 8.9% growth. This growth was primarily attributed to higher inpatient discharges, partially offset by a decrease in lung transplants due to a shortage of certified registered nurse anesthetists in the region. Despite this, expenses remained a concern, particularly related to overtime and contract staff costs, which decreased from $69 million to $50 million in the first three quarters of fiscal 2024.

Regarding Chestnut Hill Hospital, which Temple acquired in partnership with two others at the beginning of 2023, CEO Mike Young expressed confidence that it will become profitable by the end of fiscal 2025. Since more involvement from Temple University Hospital teams began in November, the average monthly loss at Chestnut Hill has dropped from $2.5 million to under $1 million. Temple owns a 60% stake in Chestnut Hill, which generated $113 million in revenue from July to March, with Redeemer Health and Philadelphia College of Osteopathic Medicine holding 20% each.

Looking ahead, Temple plans to continue supporting St. Christopher’s Hospital for Children in the upcoming fiscal years but with a reduced contribution of $4 million compared to $5 million in the past two years according to Young’s statement to investors

By Sophia Gonzalez

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