Ardent Health Partners, Inc. reported a total revenue of $5.97 billion for the fiscal year ending December 31, 2024, marking a 10.3% increase from $5.41 billion in the previous year. The growth was driven by a 4.8% rise in adjusted admissions and a 5.1% increase in net patient service revenue per adjusted admission. The company served approximately 1.2 million unique patients, with a total of 5.8 million visits across its network of 30 acute care hospitals and 280 care sites. Net income attributable to Ardent Health Partners was $210.3 million, compared to $53.9 million in 2023, reflecting a significant improvement in profitability.
In comparison to the previous fiscal year, Ardent's operating expenses increased by $345.1 million, primarily due to higher patient volumes, but decreased as a percentage of total revenue from 97.2% to 93.9%. Notably, salaries and benefits as a percentage of total revenue fell from 44.1% to 42.5%, attributed to a reduction in contract labor expenses. The company also reported a decrease in supplies expenses as a percentage of revenue, driven by ongoing service line optimization and supply chain cost reduction initiatives.
Strategically, Ardent Health Partners has been active in expanding its footprint and capabilities. The company completed its initial public offering (IPO) on July 19, 2024, raising approximately $181.4 million in net proceeds, which have been allocated towards acquisitions and general corporate purposes. Additionally, Ardent has entered into joint ventures with various healthcare systems, enhancing its operational scale and market presence. The company also reported a significant investment in technology, including the implementation of a comprehensive electronic health record system, which is expected to improve operational efficiency and patient care.
Operationally, Ardent's workforce has grown to approximately 24,900 employees, including over 1,800 providers. The company has faced challenges related to labor shortages, particularly in nursing and other medical support roles, which have been exacerbated by competitive market conditions. Despite these challenges, Ardent has implemented various initiatives to enhance recruitment and retention, including partnerships with educational institutions to develop a pipeline of healthcare professionals.
Looking ahead, Ardent Health Partners anticipates continued growth driven by its consumer-centric healthcare model and strategic investments in technology and service expansion. The company aims to leverage its joint venture partnerships and enhance its market share in mid-sized urban markets across the United States. However, it remains cautious of potential risks, including changes in government healthcare programs, competitive pressures, and the ongoing impact of economic conditions on patient volumes and reimbursement rates.
About Ardent Health Partners, Inc.
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