Froedtert Health, a five-hospital system in Milwaukee, saw revenues increase more than 10 percent in fiscal year 2018, but decreases in nonoperating gains pulled down its net income year over year.
In the fiscal year ended June 30, Froedtert recorded revenues of $2.4 billion, according to recent financial statements. Higher net patient revenues and other operating revenues upped the system's revenue 10.2 percent when compared to the $2.2 billion it saw in fiscal 2017.
At the same time, Froedtert's total expenses climbed to $2.2 billion in fiscal 2018, up 9.6 percent year over year. Increases in labor and supplies costs affected the change. When factoring in expenses, Froedtert's operating income grew 20.8 percent year over year to $141.7 million in fiscal 2018.
However, a 46.6 percent drop in nonoperating gains related to changes in trading securities, interest rates and community health initiatives pulled down the system's net income in fiscal 2018. The system recorded net income of $232.7 million this year, down 19.1 percent from $287.7 million recorded in fiscal 2017.