Banner Health's revenue increased year over year in the first three quarters of this year, but the Phoenix-based health system ended the period with a loss.
Banner reported revenue of $7.3 billion in the nine months ended Sept. 30, up from $7 billion in the same period last year, according to unaudited financial documents released Nov. 19. The increase was due in part to $258 million in funds Banner received through the Coronavirus Aid, Relief and Economic Security Act during the nine-month period.
Banner's expenses grew 3.3 percent year-over-year, and it ended the first three quarters of this year with operating income of $154.2 million. That's compared to the first nine months of 2018, when the health system posted operating income of $116.5 million.
After factoring in nonoperating items, Banner ended the first nine months of this year with a net loss of $57.2 million. In the same period last year, the system posted net income of $393.4 million.