Becker's Hospital Review

6 CFO / FINANCE From -10.2% to 21.3%: 41 health systems ranked by operating margins By Madeline Ashley and Alan Condon H ealth systems across the country reported mixed financial results in the third quarter, with operating margins ranging widely from double-digit gains to substantial losses. While systems like Tenet Healthcare achieved an impressive 21.3% margin, buoyed by strong revenues and cost control, others, such as Tus Medicine (-10.2%) and Community Health Systems (-6.6%), continue to grapple with rising costs, reimbursement pressures and operational headwinds. e wide variation in third-quarter margins reflects both progress and persistent challenges in the sector's financial recovery. Here are 41 health systems ranked by their third-quarter operating margins. Editor's note: is is not an exhaustive list. e following financial results are for the three months ending Sept. 30, 2024, unless otherwise stated. 1. Tenet Healthcare (Dallas) Revenue: $5.12 billion Expenses: $4.1 billion Operating income: $1.1 billion Operating margin: 21.3% 2. HCA Healthcare (Nashville, Tenn.) Revenue: $17.5 billion Expenses: $15.6 billion Operating income: $1.9 billion Operating margin: 10.9% 3. Universal Health Services (King of Prussia, Pa.) Revenue: $3.96 billion Expenses: $3.58 billion Operating income: $384.2 million Operating margin: 9.7% 4. Allina Health (Minneapolis) Revenue: $1.6 billion Expenses: $1.4 billion Operating income: $154.4 million Operating margin: 9.6% 5. Norton Healthcare (Louisville, Ky.) Revenue: $1.2 billion Expenses: $1.1 billion Operating income: $65 million Operating margin: 5.4% 6. Cone Health (Greensboro, N.C.) *Results for the 12 months ending Sept. 30 Revenue: $3.1 billion Expenses: $3 billion Operating income: $167.1 million Operating margin: 5.3% 7. New-York Presbyterian (New York City) Revenue: $2.7 billion Expenses: $2.6 billion Operating income: $123 million Operating margin: 4.5% 8. UnityPoint Health (West Des Moines, Iowa) Revenue: $1.3 billion Expenses: $1.3 billion Operating income: $54 million Operating margin: 4.2% 9. Dartmouth Health (Lebanon, N.H.) Revenue: $1 billion Expenses: $961.3 million Operating income: $40.7 million Operating margin: 4.1% 10. Henry Ford Health (Detroit) *Results for the nine months ending Sept. 30 Revenue: $6.5 billion Expenses: $6.2 billion Operating income: $268.9 million Operating margin: 4.1% 11. ProMedica (Toledo, Ohio) Revenue: $801.4 million Expenses: $731.8 million Operating income: $32.4 million Operating margin: 4% 12. Advocate Health (Charlotte, N.C.) *Results for the nine months ending Sept. 30 Revenue: $25.8 billion Expenses: $24.8 billion Operating income: $964.2 million Operating margin: 3.7%

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