Glendale, Calif.-based Apollo Medical Holdings recorded net revenue of $11.7 million in the second quarter of fiscal year 2015, up 362 percent from the $2.5 million in revenue it posted for the same period a year ago.
As an integrated healthcare company, ApolloMed works with hospitals and other healthcare providers to improve patient care coordination and help reduce preventable hospital admissions.
Here are five things to know about ApolloMed's financial results for the second quarter of FY 2015, which ended Sept. 30.
1. Along with ApolloMed's revenue, its costs and expenses were up for the second quarter of fiscal 2015. ApolloMed's expenses grew to $9.8 million in the second quarter of FY 2015 from $3.3 million in the same period last year.
2. ApolloMed's income from operations for the second quarter of fiscal 2015 was $1.86 million, which is a significant increase over the loss of $786,617 ApolloMed recorded in the comparable quarter of last year
3. As of Sept. 30, ApolloMed's assets totaled $16.1 million, including $5.4 million from CMS for ApolloMed's accountable care organization's portion of shared savings achieved.
4. AppoloMed had cash, cash equivalents and marketable securities totaling $4.4 million as of Sept. 30.
5. "This was a great quarter for ApolloMed and our team demonstrated the ability to execute on its strategy," said Warren Hosseinion, MD, CEO of ApolloMed. "Our integrated care delivery model has achieved success in bending the cost curve of patients with multiple chronic conditions."
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