Greensboro, N.C.-based Cone Health saw operating income rise to $38.7 million in the three quarters ended June 30 compared to $21.7 million the same period a year prior, partly due to higher outpatient volumes, according to the six-hospital system's unaudited financial statements.
Here are seven things to know about Cone Health's most recent financials.
1. Cone Health ended the first three quarters of the fiscal year with an operating margin of 2.8 percent, up from 1.7 percent in the first nine months of fiscal year 2016.
2. The system reported $51.1 million in excess of revenues over expenses for the first nine months of fiscal year 2017 compared to $34.9 million in the same period a year prior. That's an increase of 46.2 percent.
3. Outpatient visits increased 3.2 percent from 533,140 in the first nine months of fiscal year 2016 to 550,432 in the same period of this fiscal year. Cone Health said the increase in outpatient visits helped offset a 2.4 percent drop in emergency department visits.
4. Inpatient volume decreased by 3.2 percent in the first three quarters of fiscal year 2017 to 44,075. Cone Health said this was "fully offset by a large increase in observation cases."
5. The system reported a net patient revenue increase of 6.2 percent in the nine months ended June 30 compared to the first three quarters of fiscal year 2016.
6. As far as expenses, the system reported a 5.4 percent increase in supplies expense.
7. Overall, Cone Health ended the first three quarters of fiscal year 2017 with a nonoperating income of $13 million, a 3.8 percent decrease compared to the same period a year prior. The system attributed the decrease to "higher investment income ... offset by increased expenses in a number on nonoperating areas including Cone Health's Medicare Advantage Plan and operating expenses of the parent corporation."