Financial Report

This year National Jewish Health welcomed over 350 Board members, Council of National Trustees members and friends from more than 20 states for three incredible days culminating with the completion of our new strategic plan, which sets the course for the next decade of healing, discovery and education. Over the next 10 years, we will be expanding and diversifying our clinical programs, enhancing our discovery science, embracing new technologies and expanding our entrepreneurial outreach. Our strong financial performance in 2024 sets the foundation for our future endeavors. 

Net patient service revenues increased yearover-year by 8.7%. National Jewish Health completed implementation of its state-of-theart electronic Epic health record in May 2023. The system has streamlined patient access and communication and is a real asset to our patients and clinical teams. To meet our increasing patient demand, we welcomed new clinicians in Rheumatology, Pulmonology, Infectious Disease and Pediatrics. As a result, we saw a more than 12% increase in visit volumes. We also started our new Concierge Medicine program, broadening our focus on wellness  and prevention. 

With the addition of two state contracts, National Jewish Health became the largest provider of QuitLine smoking and vaping cessation services in the country. Our teams are continually modifying and developing new programs to curb smoking, and this year expanded our efforts to curb the use of menthol cigarettes and added new technology so we could reach even more teens in our My Life,  My Quit program for vaping cessation. Since  the inception of our tobacco cessation program in 2002, we have supported more than 2.5 million people in their efforts to quit smoking. Overall, Health Initiatives revenues increased 4.5% over prior year. 

Grant revenues also increased in 2024. National Jewish Health received a very large grant  from the Health Resources and Services Administration (HRSA) to expand our imaging capabilities and further our COVID-19 research. In September 2023, the National Institutes of Health (NIH) renewed the largest ever study of chronic obstructive pulmonary disease (COPD). Led by National Jewish Health investigators, this multi-center study is the largest of its kind following more than 10,000 subjects for over a decade to help better understand and improve COPD patient outcomes. 

Thanks to the generosity of our many donors around the country, contributions increased 10% over the previous year. The diversity of our philanthropic efforts, both in breadth and depth, helped generate the contributions critical to the success of our mission. Due to the strong performance of all of our operations, as well as philanthropy, total revenues increased by 13.4% or $47.4 million. 

Total expenses increased by $28.0 million or 7.6%. This increase was directly attributable to the corresponding increase in revenues. The majority of the expense growth was a result of increased pharmaceutical costs, direct grant expenses, the cost of new faculty and related support staff and general inflation. Due to growing revenues, strong investment returns, continued fundraising success and an intense focus on cost management, National Jewish Health ended the year with a bottom line of $3.7 million, compared to a loss of $15.7 million in 2023. 

As we look to the future, we look forward to growing our recently launched National Jewish Health Chronic Care Management™ program, expanding research with the addition of a new Biosafety Level 3 (BSL-3) lab and enhancing our facilities and clinical programs. We are excited to celebrate our 125th year of operations with our faculty, staff, partners and dedicated supporters throughout the country.