Boston-based Dana-Farber Cancer Institute's revenue increased year over year in the first nine months of fiscal year 2019, but its net income declined, according to financial documents released Sept. 10.
Five things to know:
1. Dana-Farber's operating revenue climbed 13.1 percent year over year to $1.44 billion in the nine months ended June 30. Hospital management said the increase in revenue was largely attributable to growth in patient volume and higher pharmacy revenue.
2. During the first nine months of fiscal 2019, Dana-Farber's operating expenses totaled $1.42 billion, an increase of 13.3 percent over the same period of fiscal 2018.
3. Dana-Farber ended the first three quarters of fiscal 2019 with operating income of $21.2 million, compared to operating income of $20.8 million in the same period of the year prior.
4. Dana-Farber's investment returns totaled $21.8 million in the first nine months of fiscal 2019, down from $24.6 million in the same period of fiscal 2018. The cancer institute's interest rate swap agreements decreased in value by $17.9 million in the first three quarters of fiscal 2019.
5. Dana-Farber ended the first nine months of fiscal 2019 with net income of $36.1 million, down 51 percent from $73.6 million in the same period a year earlier.
More articles on healthcare finance:
7 CEOs back plan to close Illinois hospital
Hospital operator loses 2 top execs as stock faces delisting
7 health systems with strong finances