Geisinger, a nine-hospital and 126-clinic system based in Danville, Pa., saw its revenue decline in the first quarter of 2021 but ended the period with an operating gain, according to its financial report released this week.
The health system saw its revenue decline 1.7 percent to $1.5 billion in the quarter ending March 31. However, the system also saw its expenses decline 4.6 percent to $1.5 billion in the first quarter of this year.
Geisinger posted an operating income of $8.6 million in the first quarter of this year, compared to an operating loss of $39.8 million in the same quarter last year. The operating income from the first quarter represents a 0.6 percent margin from core operations, the health system said.
After factoring in nonoperating activities, including an investment return of $102.7 million, Geisinger ended the first quarter of 2021 with a net income of $134.8 million. In the same quarter last year, the health system recorded a net loss of $570.7 million.
"Geisinger’s leadership continues to focus the clinical enterprise on prudent growth initiatives and innovative care redesign intended to ensure Geisinger’s long term success," the health system said in the financial report. "Geisinger continues to plan for a level of financial performance that will, for decades to come, support our charitable healthcare mission."