Catholic Health Initiatives, a nonprofit 104-hospital system based in Englewood, Colo., saw revenue increase in the third quarter of fiscal year 2017, according to recently released bondholder documents.
CHI said operating revenues climbed to $4.2 billion in the third quarter of fiscal year 2017, up from $4.1 billion in the same period of the year prior. The increase was largely attributable to higher net patient service revenue, which grew 3.4 percent year over year to $3.8 billion in the third quarter of fiscal year 2017.
After factoring in expenses and one-time charges, CHI ended the most recent quarter with an operating loss. CHI reported an operating loss of $40.1 million in the third quarter of fiscal year 2017, compared to an operating loss of $81.6 million in the same period of the year prior.
Fueled by an increase in investment gains, CHI recorded a net surplus of $157.5 million in the third quarter of fiscal year 2017, compared to a net loss of $148.6 million in the same quarter of the year prior.
"While we are extremely pleased with the results in the third quarter, we have a lot of work to do to continue this performance-improvement effort," Dean Swindle, CHI's president for enterprise business lines and CFO, said in a news release.
Looking at the first nine months of fiscal year 2017, CHI reported an operating loss of $423.8 million on revenues of $12.2 billion. That's compared to the first nine months of fiscal year 2016 when CHI recorded an operating loss of $188 million on revenues of $11.9 billion.
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