Federal relief aid helped Prisma Health earn an operating income in the nine months ended June 30, according to recently released financial results. Without the aid, the 18-hospital system in Greenville, S.C., would have recorded an operating loss.
Five things to know about the system's financial results:
1. Prisma Health recorded an operating income of $25.8 million and nonoperating income of $634,000 in the nine-month period in fiscal 2020. This compares to an operating income of $29.2 million and a nonoperating gain of $10.9 million in the same period for fiscal 2019.
2. Prisma Health received $195.8 million in provider relief funding from the Coronavirus Aid Relief and Economic Security Act. The health system said without the aid it would have recorded an operating loss of $68.6 million.
3. In the first nine-months of fiscal year 2020, Prisma recorded revenue of $3.6 billion, up from $3.3 billion in the same period last year.
4. The health system's expenses also increased to about $3.6 billion, up from $3.2 billion in the same period in fiscal 2019. Prisma Health said the increase in expenses was mainly driven by $101.4 million in salary, supply and overhead costs incurred in the system's response to the pandemic.
5. Overall, the system recorded a net income of $26.4 million in the nine-month period for fiscal 2020. This compares to a net income of $40.1 million in the same period one year prior.