Redeemer Health, which owns and operates Holy Redeemer Hospital in the Meadowbrook section of Abington and a branch in Huntingdon Valley, currently has an operating deficit of $53.2 million, the Philadelphia Business Journal reported.

According to the article, that number is up 37% from a $38.7 million operating loss in 2023.

Representatives of Redeemer Health declined to comment on the health system’s financial performance, the Journal said, noting that the health system underwent a leadership change in July when Greg Wozniak succeeded longtime CEO Michael Laign.

From the article:

During fiscal 2024, Redeemer Health revenues were stagnant at $442.46 million, up only slightly from the $442.42 million posted the previous year. Its expenses, however, increased 3% to $495.7 million from $481.2 million in fiscal 2023.

The health system saw its salaries and wages increase 3% to $238.1 million from $230.6 million. Its insurance costs doubled to $21.7 million from $10.7 million. Redeemer Health also saw its investment income drop to $2.7 million from $7.6 million the previous year.

The health system’s hospital reported a $27.7 million operating loss, while its physician services division posted a $20.7 million loss in fiscal 2024.

Redeemer Health last reported a profit, of $2.3 million, in 2019. Its accumulated losses during the past five years are in excess of $140 million.

In August 2023, the system was downgraded to a “BB” rating in a report by Standard & Poor’s Global Ratings.

For more Redeemer Health, located at 1648 Huntingdon Pike, you can visit their website. For more on Redeemer Health’s Huntingdon Valley branch, located at 821 Huntingdon Pike, you can visit their website.

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Photo courtesy of Redeemer Health