Redeemer Health, the Montgomery County health system that operates Holy Redeemer Hospital in Meadowbrook, saw its operating deficit surpass $50 million in fiscal 2024, writes John George for the Philadelphia Business Journal.

For the fiscal year that ended June 30, Redeemer Health posted an operating loss of $53.2 million which was an increase of 37 percent compared to the $38.7 million operating loss from the previous year.

The health system recently underwent a leadership change. Greg Wozniak succeeded the longtime CEO Michael Laign in July, after he retired after more than three decades at the helm. Wozniak had previously served as CEO of St. Mary Medical Center in Langhorne. Before that, he was CEO of Denali Health, a local healthcare consulting firm.

Redeemer Health, one of the region’s three remaining health systems that have a single community hospital, has clinical partnerships with larger health systems while maintaining its independence.

It currently has an oncology affiliation with Camden-based Cooper University Health Care. They also have a pediatric partnership with Children’s Hospital of Philadelphia, and has entered into a joint venture led by Temple Health to acquire Chestnut Hill Hospital from Tower Health.

Read more about Redeemer Health and their fiscal deficit in the Philadelphia Business Journal.