Phoenix-based Banner Health saw its operating income more than double in the first quarter of 2021, attributed in part to millions in COVID-19 aid, according to recently released financial results.
The health system saw its revenue in the quarter ending March 31 reach $3 billion, up from $2.4 billion recorded in 2020. Banner Health said it recognized $97 million in federal relief aid as "other revenue" in the quarter.
After factoring in expenses, which were about $3 billion in the first quarter, Banner Health ended the period with an operating income of $62.8 million. This compares to the first quarter of last year, in which Banner Health saw expenses of $2.4 billion and ended the period with an operating income of $30.6 million.
With nonoperating gains of $269 million in the first quarter of 2021, Banner Health recorded a net income of $313.9 million. In the same quarter last year, Banner saw a net loss of $683.5 million.
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