CommonSpirit Health, a 140-hospital system based in Chicago, saw its operating income rebound in the fiscal year ended June 30.
CommonSpirit, formed in 2019 through the merger of San Francisco-based Dignity Health and Englewood, Colo.-based Catholic Health Initiatives, saw revenues rise 12.4 percent year over year in the most recent fiscal year. The increase was primarily attributed to recovering patient volume and new care sites.
Expenses also increased because of pandemic-related costs. Expenses were up 7.1 percent year over year.
CommonSpirit recorded operating income of $998 million in fiscal year 2021, compared to an operating loss of $550 million a year earlier. Federal relief provided through the Coronavirus Aid, Relief and Economic Security Act and a one-time sale of joint venture shares pushed the system's income higher in the most recent fiscal year. Without those funds, CommonSpirit posted an operating loss of $215 million.
"These results show that we are navigating the pandemic in a purpose-driven, financially responsible way that has allowed us to prioritize providing essential care and supporting our clinicians and employees," CommonSpirit CFO Dan Morissette said in a news release. "Being financially sustainable means we can deliver on our mission of providing care to everyone, especially those in need. As CommonSpirit enters its third full fiscal year, we are in a much better position to navigate health care's 'new normal' compared to prior years."
CommonSpirit recorded $3.4 billion in investment income in fiscal year 2021, and the system closed out the period with excess revenues over expenses of $5.2 billion.
Since the beginning of the pandemic, CommonSpirit has seen more than 234,000 COVID-19 patients. The system said its COVID-19 patient census increased to 2,878 in early September, up from a low of 340 in June.