Marriottsville, Md.-based Bon Secours Health System reported higher revenue and operating income in the first nine months of fiscal year 2018 than in the same period of the year prior.
Bon Secours said total operating revenue was up 1.1 percent in the first nine months of fiscal year 2018 compared to the same period of fiscal 2017. After factoring in expenses, Bon Secours ended the nine-month period with operating income of $69.5 million, up from $58 million in the same period of fiscal 2017.
The system's financial gains were fueled by growth in patient volumes, including a 4.3 percent increase in outpatient visits. The health system said improvements in revenue cycle, such as managed care rate increases, also boosted its financial performance.
Bon Secours ended the first nine months of fiscal year 2018 with a 2.8 percent operating margin, compared to a 2.3 percent operating margin in the first nine months of fiscal 2017.
More articles on healthcare finance:
Chicago hospital needs $3M infusion to avoid closure
CHS closes Missouri hospital; physicians put their money on the line to expand services
CMS releases proposed physician payment rule for 2019: 6 things to know