Advocate Aurora Health saw revenue and operating income increase year over year in the third quarter of this year, but the system ended the first nine months of 2020 with a loss, according to financial documents released Nov. 23.
Advocate Aurora, which has dual headquarters in Downers Grove, Ill., and Milwaukee, reported revenue of $3.5 billion in the third quarter of 2020, up from $3.2 billion in the same period a year earlier.
Looking at the first nine months of this year, the health system's revenue was up less than 1 percent year over year. Patient service revenue decreased 6.9 percent year over year. The decline was attributed to a decrease in hospital outpatient visits and physician clinic visits due to the COVID-19 pandemic.
To help offset lost revenue and expenses tied to the pandemic, Advocate Aurora received $596 million in grants in the first nine months of this year made available through the Coronavirus Aid, Relief and Economic Security Act.
Advocate Aurora posted operating income of $275.8 million in the third quarter of this year, compared to operating income of $81.2 million in the same period a year earlier. After factoring in nonoperating items, the system ended the third quarter with net income of $479.5 million, compared to $49.1 million a year earlier.
Looking at the first nine months of this year, Advocate Aurora reported an operating loss of $26.9 million and a net loss of $434.9 million. In the same period of 2019, the system posted operating income of $326.4 million and net income of $1.1 billion.