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October 26, 2015 01:00 AM

Children's Hospital of Philadelphia revenue rises, but so do expenses

Michael Sandler
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    Children's Hospital of Philadelphia saw a rise in total revenue in fiscal 2015, but higher expenses cut into those gains.

    CHOP reported $210 million in operating surplus on $2.4 billion in total revenue for the fiscal year ended June 30, compared to $211.5 million in operating surplus on $2.2 billion in total revenue last year.

    But the revenue gains were offset by higher expenses. Salaries, wages and professional fees rose 6.2% this year and employee benefits skyrocketed 14.7% in 2015 over last year. Margins eroded, and were at 8.9% this year compared to 9.5% the prior year. The hospital's operating surplus slid 0.7% this year.

    Revenue from the hospital's payer mix changed slightly, with Blue Cross, commercial and Medicaid managed-care revenue all up modestly, while revenue from Aetna Medicaid fee-for-service and self-payment shrank slightly.

    In a turnaround from 2014, CHOP's unrealized gains on investments were a negative $34.5 million in 2015. The hospital had seen $76.4 million in growth last year.

    CHOP's admissions grew 3.2% this year over last, and patient days were up 2.1%, to 162,390. Total ambulatory visits, which include specialty clinic and private visits, emergency and walk-in clinic, primary care, day surgery and day medicine, were up 5.2% this year.

    The hospital added to its ambulatory surgery center roster, earlier this month opening the Brandywine Valley Specialty Care and Ambulatory Surgery Center in Glen Mills, Pa. Brandywine will provide outpatient general and specialty surgical services to children of all ages, Children's Hospital said in a news release. Pediatric surgeons and board-certified pediatric anesthesiologists will staff the new center, along with full-time pediatric nurses.

    CHOP also made a leadership change this year, naming its first female CEO. Madeline Bell replaced retired Dr. Steven Altschuler.

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        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Digital Health Transformation Summit
        • ESG: The Implementation Imperative Summit
        • Leadership Symposium
        • Social Determinants of Health Symposium
        • Women Leaders in Healthcare Conference
      • Galas
        • Best Places to Work Awards Gala
        • Health Care Hall of Fame Gala
        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Hospital at Home
        • - Workplace of the Future
        • - Digital Health
        • - Future of Staffing
        • - Hospital of the Future (Fall)
      • Webinars
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      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
      • Video Series - The Check Up
      • Sponsored Video Series - One on One
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