Coral Gables-based Baptist Health South Florida ended the first quarter of fiscal year 2017 with an operating loss of $9.5 million, an improvement from the $15.7 million operating loss the system recorded in the same quarter of FY 2016, according to recently released bondholder documents.
Fueled by higher net patient service revenue, Baptist Health's total revenues climbed 2.8 percent year over year to $596.7 million in the first quarter of FY 2017, which ended Dec. 31.
The system's expenses also increased in the first quarter, growing 1.7 percent year over year to $606.3 million. Baptist Health's labor and supplies costs jumped 1.6 percent and 5.4 percent, respectively, year over year.
After factoring in nonoperating income, Baptist Health ended the first quarter of FY 2017 with a net loss of $463,000 compared to a net surplus of $16 million in the same period of the year prior.
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