Jefferson Abington Hospital posted the largest fiscal 2024 net income in the Philadelphia suburbs with a profit of $79.3 million, The Philadelphia Business Journal reported.

According to their coverage, almost half of the region’s general acute hospitals posted net losses, which is an improvement from fiscal 2023 when 16 hospitals in southeastern Pennsylvania posted a profit and 21 lost money. The financial struggles hospitals are facing are largely due to “rising labor and supply costs, and supply chain disruptions amid looming cuts in Medicaid funding,” The Journal said.

“Pennsylvania’s hospital community continues to experience significant financial strain, largely because reimbursement does not reflect the cost of providing care,” Nicole Stallings, CEO of the Harrisburg-based Hospital and Healthsystem Association of Pennsylvania, said. “This will only worsen as federal Medicaid cuts begin to take effect in the coming years.”

The Hospital of the University of Pennsylvania had the largest profit in fiscal 2024 with a net income of $358.1 million. Jefferson Health Northeast had a net income of $181 million, Thomas Jefferson University Hospital in Center City recorded $177.6 million, Children’s Hospital of Philadelphia recorded $160.9 million, and Temple University Hospital came in at $130.5 million, The Journal said.

U.S. News & World Report ranks Jefferson Abington 7th in the Philadelphia region and 13th in Pennsylvania among their list of best hospitals.

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