Akron, Ohio-based Summa Health reported the operational deficit of $ 8.1 million (-0.4% operating margin) in 2024, reforming $ 43.5 million operating loss (-2.3% margin) in 2023, expired on 31 December as per its financial report for the year.
Summa recorded an operating revenue of $ 2 billion in 2024, above $ 1.9 billion in 2023. Patient service revenue was $ 1.3 billion, above $ 1.2 billion in 2023. The premium revenue was $ 474.9 million, above $ 455.6 million.
The system reported a total operating expenses of $ 2 billion in 2024, from $ 1.9 billion in 2023. Salary, wage and profit expenditure was $ 861.3 million, which was $ 823.4 million before $ 823.4 million. The cost of material and supply was $ 512.3 million to $ 569.6 million. Medical claims cost $ 278.2 million, above $ 271.7 million.
Summa reported a net income of $ 35.1 million in 2024 in 2024, from $ 20.7 million in 2023.
In November, Summa Venture reached a fixed agreement of $ 485 million to join the Health Assurance Parivartan Corp, a subsidiary of the Capital firm General Catalist. Under the agreement, the procurement amount of $ 485 million will help Summa Health, which will infection in profit-gain structure, pay $ 850 million in the loan. The remaining cash of Summa Health will fund a new, separately operated community foundation to support community investment in the Akron region.
The deal regulator approval is pending. According to the report, Summa and Hatco are currently working with regulators in their review process.
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