The following 13 health systems recently released their financial statements for the three or six-month periods ended June 30:
1. Advocate Aurora Health, which was formed in April 2018 and has dual headquarters in Downers Grove, Ill., and Milwaukee, reported revenues of $3.2 billion in the second quarter of 2019, up from $3 billion in the same period a year earlier. After factoring in a 4.7 percent year-over-year increase in expenses, Advocate Aurora posted operating income of $132.3 million in the second quarter of 2019. That's up from $107.2 million in the same period a year earlier.
2. Phoenix-based Banner Health reported revenues of $4.7 billion in the first half of this year, up from $4.2 billion in the same period of 2018. Banner said the 11.6 percent boost was driven by growth in premium revenues from its insurance division coupled with increases in patient volumes and commercial reimbursement rates. Operating expenses climbed 12.3 percent year over year to $4.6 billion in the first half of 2019. Banner ended the first half of 2019 with operating income of $111.8 million, down from $127.3 million in the same period of 2018.
3. Southfield, Mich.-based Beaumont Health reported operating revenues of $2.32 billion in the six months ended June 30, up 2.9 percent from $2.26 billion in the same period a year prior. Beaumont's expenses also increased year over year to $2.25 billion, with a rise in benefits, salaries and professional services compensation. Beaumont ended the first half of 2019 with operating income of $66.2 million, up 106 percent from the same period of 2018.
4. Children's Healthcare of Atlanta reported operating revenues and support — which included donations — of $489.6 million in the second quarter of 2019, up from $448.1 million in the same period of 2018. After factoring in expense growth, the health system ended the second quarter of 2019 with operating income of $82.2 million. That's up 24.1 percent from $66.2 million in the same three months a year prior.
5. Cleveland Clinic saw revenues climb to $2.7 billion in the second quarter of this year, up 20 percent from $2.2 billion in the same period of 2018. The boost was largely attributable to higher net patient service revenue, which increased 20.5 percent year over year. The system's operating expenses were up 16 percent year over year in the second quarter of 2019. Expenses grew across all categories, including supplies, administrative services, and salaries, benefits and wages. Cleveland Clinic ended the second quarter of 2019 with operating income of $116.2 million, up from $25.1 million in the second quarter of last year.
6. Minneapolis-based Fairview Health Services posted operating revenues of $3 billion for the six months ended June 30, up 5.3 percent from $2.8 billion in the same period a year earlier. The health system's expenses climbed 8.7 percent year over year. Fairview recorded a $32.5 million operating loss in the first half of this year, compared to operating income of $60.1 million in the same period of 2018.
7. Indianapolis-based Indiana University Health recorded operating revenues of $3.22 billion in the six months ended June 30, up 3.9 percent from $3.01 billion in the same period of the year prior. The system's operating expenses totaled $2.91 billion in the first half of 2019, up 3.3 percent from the first six months of 2018. The health system ended the first half of 2019 with operating income of $307.9 million, compared to $281.4 million in the same period of the year prior.
8. Oakland, Calif.-based Kaiser Permanente reported operating revenues of $21.4 billion in the second quarter of this year, up 9.3 percent from $19.6 billion in the same period a year prior. Expenses climbed from $19.3 billion in the second quarter of 2018 to $20.3 billion in the second quarter of 2019. Kaiser reported operating income of $1.1 billion in the second quarter of 2019. That's up from $345 million in the second quarter of 2018.
9. Mayo Clinic reported revenues of $3.4 billion in the second quarter of 2019, up 9.6 percent from the second quarter of 2018. The health system's operating expenses climbed 5.3 percent year over year. Labor expenses totaled $3.8 billion in the second quarter of 2019 and represented more than 60 percent of the health system's operating expenses. Mayo Clinic ended the second quarter of this year with operating income of $300 million, up 88.7 percent from the same period a year earlier.
10. New York City-based Montefiore Health System recorded operating revenues of $3.1 billion in the six months ended June 30. That's a 7.3 percent year-over-year increase, largely attributable to higher net patient service revenue. After factoring in operating expenses, Montefiore Health System recorded operating income of $22 million in the first half of 2019. That's down 54.9 percent from operating income of $48.6 million in the same period of 2018.
11. New Orleans-based Ochsner Health System reported operating revenues of $1.82 billion for the first six months of 2019. That's up 12.7 percent compared to $1.61 billion in the same period of 2018. After factoring in expenses, which climbed 13 percent year over year, Ochsner ended the first six months of 2019 with operating income of $39.4 million. That's down 0.7 percent from the same period a year prior, when the system reported operating income of $39.7 million.
12. Norfolk, Va.-based Sentara Healthcare recorded operating revenues of $3.3 billion in the six-month period ended June 30, up 6.7 percent from $3.1 billion reported in the same period a year prior. Sentara's expenses also increased year over year by 9.3 percent to $3.1 billion. Sentara saw its operating income decline 19 percent year over year to $230.5 million in the first half of this year.
13. Arlington-based Texas Health Resources reported operating revenues of $2.33 billion in the first half of 2019, up 1.2 percent from $2.3 billion in the same period of the year prior. However, higher expenses offset the system's revenue gains. The system ended the first half of this year with operating income of nearly $109 million, down from $114.12 million in the same period of 2018.
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