Three of six Denver-area health systems had strong financial years in 2024, according to a new report — but that’s a picture those hospitals say is skewed or false.

Much of that difference comes from which numbers are examined. The 2025 Colorado Health Market Review primarily focuses on total profits, which increased compared to recent years for most health systems in the state, said Allan Baumgarten, a health care consultant and the report’s author.

He argues that excluding income such as investments, government grants and philanthropy understates hospitals’ true resources.

“2024 was a great year for investments,” Baumgarten said.

But the Colorado Hospital Association and most of its member health systems emphasize the margins hospitals earn on patient care and the services that sup

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