Thomas Jefferson University reported a $30.5 million operating loss for the first nine months of fiscal 2024

Thomas Jefferson University reported a $30.5 million operating loss for the nine months that ended March 31, compared to a $117.5 million loss in the same period a year ago, according to a notice Wednesday to municipal bond investors.

Here are the highlights:

Revenue: The 17-hospital system reported a total revenue of $7.4 billion in the first nine months of fiscal 2024. Revenue from patient services climbed 3.5%, to $4.7 billion from $4.5 billion, Jefferson said.

Expenses: Jefferson spent $684.7 million on the Honickman Center through March 31, it said.

Notable: The Philadelphia nonprofit did not break out financial results for Jefferson Health Plans, the Medicaid and Medicare insurer it took control of in 2021, as it had been doing in recent financial reports. It said the insurance business has 377,777 members, including more than 330,000 in Medicaid plans that cover physical health.

However, its financial statement showed that insurance payments for medical expenses rose faster than revenue from premiums. Jefferson Health Plans’ payments were up 7% while premiums climbed just 3%.

Jefferson noted that the current portion of its long-term debt increased $320.9 million largely because of the construction of the Honickman Center, a new outpatient building in Center City that opened in April. Jefferson said it intends to refinance that debt sometime after July 1.

In other news: Separately, Jefferson announced that it had reached a final agreement to acquire Lehigh Valley Health Network, which also released financial results Wednesday.

Lehigh Valley reported an $11.1 million operating loss in the nine months that ended March 31, compared to a $59.2 million loss in the same period last year.