Louisville, Ky.-based Baptist Healthcare System improved its operating performance in fiscal year 2018 as its revenues outpaced expenses, according to recent financial documents.
For the year ended Aug. 31, Baptist Healthcare saw total revenues grow to $2.7 billion, up 1.4 percent from the previous year. At the same time, the health system saw expenses decrease year over year to $2.7 billion, down from $2.8 billion reported in the year prior.
Decreased expenses helped the health system reverse a $69.2 million operating loss it reported in fiscal 2017. For fiscal 2018, Baptist Healthcare reported operating income of $64.7 million.
After accounting for nonoperating gains, Baptist Healthcare ended fiscal 2018 with net income of $135.9 million, compared to a net loss of $4.4 million reported in the prior year.
More articles on healthcare finance:
Financial troubles force Texas health system to shut down
Kentucky hospital files for bankruptcy
12 health systems with strong finances