Coral Gables-based Baptist Health South Florida saw revenues rise in fiscal year 2017, but the health system ended the period with an operating loss, according to recently released bondholder documents.
Baptist Health South Florida recorded revenues of $2.48 billion in fiscal year 2017, up 4.4 percent from revenues of $2.38 billion the year prior.
However, rising expenses offset the health system's revenue gains. Baptist Health South Florida reported expenses of $2.51 billion in the most recent fiscal year, up 4.2 percent from the year prior. The health system said expenses increased across all categories.
Baptist Health South Florida ended fiscal year 2017 with an operating loss of $31.34 million. That was an improvement from fiscal year 2016, when the health system recorded an operating loss of $33.41 million.
After factoring in strong investment income and other nonoperating gains of $295 million, Baptist Health South Florida posted net income of $244.32 million in fiscal year 2017, up from $162.64 million in the year prior.
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