Ascension ended the first six months of its fiscal year with an operating surplus, but after accounting for investment losses, the St. Louis-based system reported a $323.8 million net loss for the six-month period.
In the same period of the year prior, Ascension posted a net gain of $21.3 million.
The health system's revenue increased during the first half of its fiscal year, jumping 3.3 percent year over year to $10.7 billion. However, an increase in expenses left Ascension with an operating surplus of $310.9 million, down nearly 21.3 percent from the same period of the year prior.
Ascension officials said the percentage of net patient service revenue from self-pay decreased 4.9 percent in the first half of its fiscal year, as compared to the same period of the year prior, primarily due to the expansion of insurance coverage under the Affordable Care Act.
The first half of the fiscal year was a time of expansion for Ascension, as the system acquired four Tennessee hospitals and one in Michigan during the six-month period. With the addition of those facilities, Ascension said inpatient admissions, inpatient surgeries, observation days and emergency room visits increased in the first half of the fiscal year. Outpatient visits at Ascension facilities also increased in the six months that ended Dec. 31.
Ascension's long-term investments, excluding noncontrolling interests and long-term investments held by self-insurance programs, experienced a loss of 4.9 percent, compared to a loss of 2.2 percent in the six months that ended Dec. 31, 2014.
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