The following nine health systems recently released financial updates:
1. St. Louis-based Ascension saw operating revenues and operating income increase in the first six months of 2019, but ended the period with a net loss. After including the nonoperating loss, Ascension reported a net loss of $567.9 million in the first half of 2019, compared to a net gain of $882.2 million in the first half of fiscal 2018.
2. Englewood, Colo.-based Catholic Health Initiatives saw its revenue increase and operating loss grow in the second quarter of fiscal year 2019. After factoring in restructuring, impairment and other losses, CHI recorded an operating loss of $57.24 million in the second quarter of fiscal 2019. That's compared to the same period a year earlier, when the health system reported an operating loss of $1.53 million.
3. Greensboro, N.C.-based Cone Health saw its revenue increase during the first quarter of fiscal year 2019; however, the health system experienced a decrease in operating and net income. After accounting for nonoperating losses, Cone Health ended the quarter with a net loss of $1.5 million, down from net income of $14.8 million in the same period last year.
4. Providence, R.I.-based Care New England Health System is continuing its financial turnaround after closing Pawtucket, R.I.-based Memorial Hospital. When excluding Memorial, Care New England posted operating income of $1.6 million in the most recent quarter, up year over year from an $8.5 million operating loss.
5. Johnson City, Tenn.-based Ballad Health saw its revenue and operating cash flow increase in the second quarter of fiscal year 2019. Ballad Health ended the second quarter with operating cash flow of $54.7 million, up 8 percent year over year from $50.7 million.
6. Dallas-based Baylor Scott & White Health saw its revenue increase in the first half of fiscal year 2019, but losses on investments dragged down its bottom line. After including nonoperating results, Baylor Scott & White ended the first half of fiscal 2019 with net income of $267.7 million, down 55 percent from $595.5 million reported at the same time a year prior.
7. Winston-Salem, N.C.-based Wake Forest Baptist Health saw revenues increase in the second quarter of fiscal year 2019, but the system ended the period with lower operating income than in the same period a year earlier. After factoring in a loss on investments and other nonoperating items, the system posted a net loss of $65.1 million in the second quarter of fiscal 2019. That's compared to the second quarter of fiscal 2018, when Wake Forest Baptist reported net income of $118.9 million.
8. Tower Health reported higher operating revenues in the first half of fiscal year 2019 than in the same period of the year prior, but the West Reading, Pa.-based health system ended the first six months of the current fiscal year with an operating loss. After factoring in a $19.2 million loss on investments and other nonoperating losses, Tower Health posted a net loss of $42.9 million in the first two quarters of fiscal 2019. That's compared to the first half of fiscal 2018, when the health system reported net income of $111.1 million.
9. Waukesha, Wis.-based ProHealth Care recorded a net loss in the three months ended Dec. 31, 2018, thanks in part to losses on investments. After factoring in a nonoperating loss of $46.9 million — pulled down by investment losses driven by market conditions — ProHealth ended the three-month period with a net loss of $42.8 million, compared to net income of $35.8 million recorded in the same period a year prior.
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