Wills Eye Hospital had a $16 million operating loss in fiscal 2025
The Philadelphia nonprofit had a smaller loss than in in fiscal 2024, but has now reported operating losses for at least 11 straight years.
Wills Eye Hospital had a $15.9 million operating loss in fiscal 2025, compared to a $17.8 million operating loss the year before. The Philadelphia nonprofit has now reported annual operating losses for at least 11 straight years.
Under the leadership of a new CEO since last summer, Wills has been working on a financial turnaround that has already shown progress, said former Mayor Michael A. Nutter, who is president of the board that controls Wills. The Board of Directors of City Trusts manages bequests to Philadelphia. Wills, Girard College, and the Girard Estate charitable foundation are the most prominent.
Julia Haller, Wills’ longtime ophthalmologist in chief, took over as CEO in July. Rebecca Rhynhart, a former Philadelphia city controller, was hired last May as interim chief financial officer to help sort out Wills’ financial troubles.
“This is a team that is very focused, and the commitment to the effort — that in particular Dr. Haller and Rebecca Rhynhart have made — will continue to show improvement in the financial picture of Wills Eye Hospital,” Nutter said.
Here are some details:
Revenue: Wills reported $109. 8 million in revenue for the 12 months that ended June 30, 2025. That was a 5.7% increase from the year before. Patient revenue was up 2.5%. An increase in grants and unspecified other revenue accounted for more than half the net gain.
New insurance contract: Wills officials said last year that negotiating better-paying contracts with insurers was among the top priorities in the turnaround effort. The first new deal, with Independence Blue Cross, took effect Feb. 1 and shows substantial price increases for two of Wills’ highest volume procedures. IBX’s rate for a typical cataract surgery increased 55%, to $3,890 from $2,517, according to price transparency files posted by Wills. The payment for a common repair of detached retina rose to $6,968 from $4,440, a 57% boost.
Notable: In December, Wills borrowed $14 million from the Estate of Stephen Girard, which is also controlled by the board Nutter leads. For the first two years of the seven-year loan, Wills is only required to make interest payments. The purpose of the loan, Nutter said, is to help improve Will’s finances and to make investments that will boost revenue and cut costs.