Phoenix-based Banner Health saw its annual net income fall 19.3 percent to $586.7 million in 2020 compared to 2019, according to recently released financial results.
Banner Health, which operates 32 hospitals in six states, recorded revenue of $10.4 billion in 2020, a nearly $1 billion increase from 2019. The revenue for 2020 included $316 million in recognized federal relief grants.
The health system also saw its expenses rise in 2020 to $10.1 billion, up from $9.2 billion recorded in 2019.
As a result, Banner posted an operating income of $310.9 million in 2020. Without the federal relief grants, Banner would have posted a slight operating deficit in 2020. In 2019, Banner Health posted an operating income of $200.4 million.
"Federal stimulus support dollars have been instrumental in mitigating the financial burden from this crisis," Banner Health said.