From WisPolitics.com/WisBusiness.com …
— Fewer Wisconsin hospitals lost money in fiscal year 2024 as operating margins improved, though rising costs continue to pressure the health care industry.
The Wisconsin Hospital Association today released its latest annual Guide to Wisconsin Hospitals, which shows 40 hospitals in the state lost money in fiscal year 2024. That’s down from 54 in fiscal year 2023 and 64 in fiscal year 2022.
At the same time, health system margins improved from -0.8% in fiscal year 2023 to 2.2% in 2024. But margins remain “far below” where they were before the COVID-19 pandemic, report authors note.
WHA points to rising costs as a persistent challenge, noting supply and service costs have gone up by 11% since fiscal year 2022 and salary and fringe expenses have risen by 10%. Last year, supply and service costs had risen 16.6% since fiscal year 2021 while salary and fringe expenses had increased 11.3%. The report says workforce shortages are largely driving the salary increases.
Plus, emergency department visits have increased 5.4% since fiscal year 2022 to reach 2.4 million in fiscal year 2024.
But at the same time, Wisconsin hospitals had $3.02 billion in net income for fiscal year 2024, marking an increase from the prior fiscal year’s total of $2.07 billion.
This year’s report shows general medical-surgical hospitals reported net income of $3.05 billion, while specialty hospitals reported net income of $-27.6 million. In the previous report, those figures were $2.08 billion and $-10.2 million, respectively.
Meanwhile, the average net revenue received per inpatient day in a Wisconsin hospital in fiscal year 2024 was $3,719, up from $3,555 in the prior fiscal year. The average length of stay was 5.3 days, a slight dip from the previous year’s average of 5.4 days.
See the release below and see the report.
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