<![CDATA[This study examines the profitability of PT Siloam International Hospitals Tbk (Siloam) from 2021 to 2025 from three perspectives: cost, profit, and customers. Data were drawn from five annual reports and analyzed descriptively using profitability ratios, cost composition, and customer indicators such as outpatient visits, inpatient admissions, revenue per patient, and payer mix. Revenue grew by 8.2% per year on average, from IDR 9.38 trillion to IDR 12.85 trillion, while profit for the year grew by 13.6% per year, from IDR 700 billion to IDR 1.16 trillion. Net profit margin rose from 7.46% to 9.06%, peaking at 11.14% in 2023 before falling to 7.78% in 2024 because other expenses surged. Physician fees, salaries, and benefits increased from 45.2% to 52.6% of cost of revenue, while drugs and medical supplies declined from 39.4% to 36.6%. Outpatient visits and inpatient admissions both rose by about 81% since 2021, yet revenue per inpatient admission fell from IDR 29.8 million to about IDR 21.5 million. Profit growth was therefore driven mainly by patient volume and drug cost efficiency rather than higher revenue per patient. Inpatient admissions began to decline by 2.5% in 2025, so the quality of growth needs continued monitoring.]]>
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