How do some of the biggest health systems across the U.S. rank on total net operating revenue?
This post is visual-heavy, and a high level analysis of major health systems in the U.S. and how they rank on a revenue basis. This thing took me a while to put together so I'd appreciate it if you passed it along to your coworkers or reached out with other ways to slice the data!
All of the back-end analysis including the excel data book and links to all 91 audited health system financial statements will be shared exclusively with my community next Wednesday. Join here.
Quick caveats and notes on methodology:
Now of course, this list is a work in progress with full acknowledgment that I probably missed some very obvious names, and/or couldn't find financials for certain systems (if that's your system feel free to reach out). For instance, after starting to write this, I definitely know I've already missed Sentara Health ($11B+ in revenue) and Cone Health ($2.5B+ in revenue), both of which will be added later. There's also no distinction between type of system or anything more nuanced/intricate, nor are the revenues same-store, so any sort of material M&A muddies the water. I also have no publicly available information for a number of privately held, for-profit health systems (LifePoint, Steward, Ardent, to name a few). If they wanted to share that info with me or if you know someone who does, that'd be phenomenal. LifePoint would almost definitely be in the top 10 health systems.
For the ones I DID include and COULD find financials for, I took 91 health systems and ranked them on total net operating revenue. Unless otherwise indicated, all of these revenue figures are through the trailing twelve months ended December 31, 2023. They should all be comparable except for a few that haven't released full calendar year financials yet.
I purposefully excluded OU Health.
Kidding. But I wish.
Note: health systems are ranked by total net operating revenue - not patient revenue. So there's a bit of noise given it's not just reimbursement for patient care services rendered in there. For almost all of these systems, things like supplemental payments, settlements, tuition, research, premium dollars, and plenty of other revenues are flowing through total net operating revenue as opposed to net patient revenues.
And final point: This is pure revenue - not profitability/margin. I'll probably do profitability next, and it'll be pretty telling to see how the list changes, along with the characteristics of those health systems with better margins.
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