Orlando (Fla.) Health saw revenues increase in fiscal year 2016, but the system ended the year with lower operating income than in FY 2015.
In FY 2016, Orlando Health recorded revenues of $2.5 billion, up 5.7 percent from revenues of $2.3 billion in the year prior, according to recently released bondholder documents. The financial boost was attributable to higher net patient service revenue, which increased 5.8 percent year over year to $2.3 billion in FY 2016.
Orlando Health's expenses also grew in the most recent fiscal year. The system recorded expenses of $2.3 billion in FY 2016, compared to expenses of $2.1 billion in FY 2015. Orlando Health's supplies and labor costs increased 7.3 percent and 6.1 percent, respectively, year over year.
The system ended FY 2016 with operating income of $172.7 million, down 4.5 percent from operating income of $180.8 million in the year prior.
After factoring in nonoperating gains, Orlando Health posted net income of $209.5 million in FY 2016, compared to net income of $161.9 million in FY 2015.
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