Thomas Jefferson University on Friday reported a $602,500 operating profit for the nine months ended March 31, rebounding from the $27.8 million operating loss the Center City nonprofit had logged in the first six months of its fiscal year.
Jefferson had budgeted for a $13 million operating loss in the first nine months of the fiscal year ended March 31. Total revenue of $3.478 billion was 1.28 percent below budget, but expense of $3.477 billion were 1.66 percent below budget, helping the system to a narrow profit.
Under president and chief executive Stephen K. Klasko, Jefferson has been on an acquisition tear, adding Abington Health in 2015 and Aria in 2016. Philadelphia University and Kennedy Health followed last year. In addition, Jefferson bought a controlling stake in Rothman Orthopedic Specialty Hospital in Bensalem. This year, Jefferson acquired Magee Rehabilitation and announced a tentative deal with Einstein Healthcare Network.