Greensboro, N.C.-based Cone Health saw its operating income and operating margin rise in fiscal year 2018, according to recently released financial documents.
Here are five things to know about the nonprofit health system's results for the fiscal year ended Sept. 30.
1. Cone Health's operating income climbed 20 percent in fiscal year 2018 to $62.3 million, compared to $51.7 million reported in the same period a year prior.
2. The increase in operating income brought the system's operating margin up to 3.1 percent, compared to 2.8 percent for fiscal year 2017.
3. Cone Health reported operating revenue of $2 billion in fiscal year 2018, up from $1.8 billion in the same period a year prior. The boost is partially attributed to net patient service revenue, which climbed 7.7 percent year over year.
4. Cone Health also saw operating expenses rise year over year, from $1.8 billion to $1.9 billion.
5. After nonoperating income was factored in, the system ended fiscal year 2018 with net income of $114.5 million, up 72.7 percent from $66.3 million in the same period a year prior.
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