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Kaiser posts $935M operating profit in Q1

May 14, 2024
Becker's Hospital Review
Contributed by: Drex DeFord
Summary
Kaiser Permanente, based in Oakland, California, reported a significant increase in its operating income for the first quarter, rising to $935 million from $233 million in the same period last year. This growth reflects an improvement in its operating margin from 0.9% to 3.4%. Despite operating revenues increasing to $27.4 billion and expenses to $26.5 billion, the company noted that its operating income remains below pre-COVID-19 pandemic levels due to ongoing cost pressures across the health sector, including high utilization and care acuity, as well as rising costs of goods and services. Kaiser's net income, excluding the impact from the acquisition of Geisinger, stood at $2.7 billion, a significant jump from the previous year's $1.2 billion, benefiting from a one-time gain related to the acquisition. Membership also grew, reaching 12.6 million with an increase of 66,000 members from the end of the previous year. CEO Greg Adams highlighted Kaiser's dedication to providing high-quality, affordable healthcare amidst these challenges.
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