Minneapolis-based Allina Health reported significantly higher net income in the first nine months of this year, compared to the same period of 2016, according to recently released bondholder documents.
The 12-hospital system's revenues increased 3.7 percent year over year to $2.8 billion in the first nine months of 2017, which was partially attributable to higher net patient service revenue. Although inpatient admissions declined by 0.2 percent in the first nine months of this year, outpatient admissions increased by 1.9 percent.
After factoring in expenses, which increased 4.8 percent year over year, Allina ended the first nine months of 2017 with operating income of $61.4 million. That's a significant change from the operating loss of $13.7 million Allina posted in the same period of 2016. In the first nine months of last year, Allina incurred $104.9 million in expenses related to strikes called by the Minnesota Nurses Association.
Fueled by strong investment gains, Allina's net income rose to $173.4 million in the first nine months of this year, which is more than six times the net income of $26.6 million posted in the same period of the year prior.
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