Miami-based Baptist Health South Florida saw its operating loss widen in fiscal year 2018, but the health system ended the period with higher net income than in the year prior.
Baptist Health reported revenues of $2.99 billion in fiscal 2018, up from $2.48 billion a year earlier, according to audited financial documents. The health system said a significant portion of its revenue growth was attributable to its affiliation with Boynton Beach, Fla.-based Bethesda Health. That transaction closed in October 2017.
During fiscal 2018, Baptist Health's expenses outpaced revenue growth. The system's operating expenses climbed 20.4 percent year over year. Excluding Bethesda, operating expenses were up 5 percent year over year in fiscal year 2018.
Baptist Health, which includes nine acute care hospitals, ended fiscal 2018 with an operating loss of $38.05 million, compared to a $31.34 million operating loss a year earlier.
After factoring in nonoperating income, which included a $254 million inherent contribution of unrestricted net assets from the affiliation with Bethesda, Baptist Health reported net income of $405.58 million in fiscal 2018. That's up 66 percent from fiscal 2017, when the system posted net income of $244.32 million.
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