Temple faced a $26 million operating loss in its most recent quarter. It was better than last year.
During a presentation to investors, Temple executives outlined several plans designed to improve its finances and to expand its reach.
Temple University Health System this week reported a $26 million operating loss, an improvement over a $43 million loss in the same period a year ago.
Included in the most recent quarter is Temple’s share of the quarterly loss at Chestnut Hill Hospital, which was $6.2 million. Temple owns 60% of Chestnut Hill, with the remainder split between Redeemer Health and the Philadelphia College of Osteopathic Medicine.
Total revenue at Temple climbed to $628 million from $570 million. Outpatient revenue, largely from Temple’s in-house pharmacy business, accounted for $32 million of the increase. Inpatient revenue climbed by $15 million.
During a presentation to municipal bond analysts Wednesday, Temple executives shared several efforts the system is making to improve its finances or extend its reach.
It plans to convert six of its primary-care doctors’ offices into a type of federal clinic designed to serve low-income communities and neighborhoods that have few doctors. It will help Temple financially because such clinics get better Medicare and Medicaid rates.
An expansion of the emergency department at Jeanes Hospital, from 19 treatment bays to 28, is planned for completion by next June. Temple also said it hired two additional emergency medicine physicians at Jeanes, which has gotten busier since Jefferson Health closed Elkins Park Medical Center in June.
Also at Jeanes, Temple is qualifying numerous specialties, such as endocrinology, rheumatology, hepatology, and neurology, for the federal drug discounting program known as 340B. That will allow Temple to save up to 50% off many expensive outpatient drugs.
Temple’s Fox Chase Cancer Center plans to open an office in New Jersey to make it easier for patients who come across the Tacony-Palmyra Bridge for treatments at Fox Chase to have follow-up care. Temple declined to disclose the location.
» READ MORE: Temple Health is converting six primary care doctors offices into federal health centers