CHOP said last fall's triple-whammy of RSV, COVID-19, and the flu was a significant factor in the financial pressures during the year that ended June 30.
Despite losing money from February through June, Children’s Hospital of Philadelphia finished its most recent fiscal year with a narrow operating profit.
Both figures are low compared historically at CHOP. In the five years before the pandemic, CHOP’s average operating profit margin was 8%. Operating profit excludes most investment profits and losses and certain unusual items that are not central to day-to-day activities.CHOP CEO Madeline Bell told employees in a May 18 note to staff that the organization was operating in a health care environment that is “changing and evolving very quickly.
Even so, the health system’s revenue increased 10% in fiscal 2023, to $4 billion from $3.7 billion. However, its largest expense — salaries, wages, and professional fees — increased 15%, squeezing CHOP’s profit margin.
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