Rockledge, Fla.-based Health First reported a $64.4 million operating loss in fiscal year 2023, a 14% improvement on the $74.7 million loss it reported last year, according to financial documents published Dec. 13.
Revenue increased 11.1% year over year to $2.15 billion while expenses rose 8.5% to $2.28 billion. After including the performance of its investment portfolio and other nonoperating items, Health First ended FY 2023 with a net gain of $18.4 million, compared with a net loss of $169.7 million in the previous fiscal year.
Health First is partly owned by Altamonte Springs, Fla.-based AdventHealth, which acquired a noncontrolling stake in the system as part of a $350 million deal in January 2020.
The system operates four acute care hospitals — including its 550-bed facility, Holmes Regional Medical Center —- as well as a Medicare health management organization and a commercial insurance plan. It is planning a $508 million expansion project that will include a new 120-bed hospital.