Toledo, Ohio-based ProMedica Obligated Group, which is comprised of acute and continuing care providers, reported operating income of $18 million for the first half of 2015, down from operating income of $35.5 million for the same period of the year prior, according to ProMedica's recently released unaudited financial statement.
ProMedica reported revenue of $750.1 million for the six-month period that ended June 30, up 2.4 percent over the same period of last year. The increase in revenue was largely due to increases in inpatient pediatric and psychiatric volumes as well as emergency center visits, according to ProMedica.
ProMedica posted operating expenses of $35.3 million for the first half of 2015, up 5.1 percent from the same period of 2014. The implementation of a new EMR system and increased expenses associated staffing were two of the main drivers of the increase.
ProMedica ended the first half of 2015 with a net surplus of $52.7 million, down from a net surplus of $87 million in the same period of 2014.
More articles on healthcare finance:
11 recent hospital outlook and rating actions
Sentara's operating revenue gets boost from hospital acquisition
Erlanger fires 4 top administrators over 'unacceptable fiscal management'