In the most recent fiscal year that ended June 30, the Geisinger Health System saw its workforce add 3,123 employees and reported revenues of $2.9 billion, an 11.7 percent increase over fiscal year 2011.
In fiscal year 2012, Geisinger affiliated with Shamokin Area Community Hospital and Scranton's Community Medical Center, which meant 1,400 employees now under the Geisinger umbrella. The additional 1,700 workers came from expanded clinics, physician hires and overall staff expansion system wide, said spokesman Matthew Van Stone.
According to audited financials, released Friday, Geisinger achieved an operating margin, after interest expense, of $154.3 million, or 5.3 percent on revenue of $2.9 billion. That interest expense was the $26.4 million Geisinger paid in interest on its tax exempt bonds it issues to help fund facility upgrades and equipment purchases.
"We are fortunate at Geisinger to be performing well and increasing employment during a time when that is not the norm for many health care organizations across the country," said Geisinger President and Chief Executive Officer Dr. Glenn Steele Jr. "Our success is in large part due to the hard work of our employees and Geisinger's commitment to innovative programs designed to increase quality and value for the people we serve."
Geisinger has reinvested more than $1 billion in capital improvements over the past decade, and spends more than $1.2 billion annually in salary, benefits, education and training. And though it had an operating margin of $154.3 million last year, that money goes right back into the system.
"As a not-for-profit organization, we reinvest every dollar we make into enhancing health care for the people of central and northeastern Pennsylvania," said Geisinger Executive Vice President and Chief Financial Officer Kevin Brennan. "Our charitable mission, combined with our financial strength, makes it possible for us to reinvest in our people, programs, facilities and technology, further our research efforts, train medical professionals and serve as a major driver of the regional and state economy."
In addition to the two hospitals it affiliated with last year, Bloomsburg Hospital became part of the health system at the beginning of the new fiscal year in July. The system also owns and operates hospitals in Danville, Wilkes-Barre and Plains Township.