The following six health systems recently released their financial statements for the three, nine or 12-month periods ended Sept. 30:
1. St. Louis-based Ascension's revenues climbed nearly 5 percent year over year to $6.5 billion in the first quarter of its fiscal 2020, which ended Sept. 30. The revenue boost was attributable to a few factors, including the acquisition of the remaining interest in Bay Medical Sacred Heart in Panama City, Fla., in March. After factoring in the system's impairment, restructuring and nonrecurring losses, which totaled nearly $35 million, Ascension ended the first quarter of fiscal 2020 with an operating loss of $23.1 million. That's compared to an operating loss of nearly $28 million in the same period a year earlier.
2. Phoenix-based Banner Health recorded revenues of $7 billion in the first nine months of this year, up from $6.3 billion in the same period of 2018. The 12.2 percent boost was driven by growth in premium revenues from Banner's insurance division coupled with increases in patient volumes and commercial reimbursement rates. Banner ended the first three quarters of 2019 with operating income of $116.5 million, down from $122.1 million in the same period of the year prior.
3. Cleveland Clinic ended the third quarter of this year with revenues of $2.6 billion, up from $2.2 billion in the same period a year earlier. The boost was largely attributable to higher net patient service revenue. Cleveland Clinic's operating income climbed 65 percent year over year to $115.2 million in the third quarter of 2019.
4. Peoria, Ill.-based OSF Healthcare's revenues totaled $3.06 billion in fiscal year 2019, which ended Sept. 30, compared to revenues of $2.83 billion in fiscal 2018. Increases in outpatient and emergency room visits at OSF Healthcare's hospitals helped push its revenue higher in fiscal 2019. OSF Healthcare ended the most recent fiscal year with operating income of $88 million, up from $72 million in fiscal 2018.
5. Boston-based Partners HealthCare, which is changing its name to Mass General Brigham, reported revenues of $14 billion in fiscal 2019, up from $13.3 billion a year earlier. Net patient service revenue and research revenue increased 9 percent and 8 percent, respectively, year over year. Partners ended fiscal 2019 with operating income of $484.5 million, up from $309.9 million in the year prior.
6. Pittsburgh-based UPMC reported revenues of $5.1 billion in the third quarter of this year, up from $4.7 billion in the same period of 2018. The health system's operating income totaled $76,000 in the third quarter of 2019, down from $14.4 million in the third quarter of 2018. The decline in UPMC's operating income for the three-month period ended Sept. 30 was largely attributable to a $33 million hit from pension obligations and $26 million in costs associated with its contract with Community HealthChoices, Pennsylvania's managed care program.
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