Detroit-based Henry Ford Health System ended 2020 with higher revenue and operating income than a year earlier, according to recently released financial documents.
In 2020, Henry Ford Health reported revenue of $6.5 billion, up from $6.3 billion in 2019. After factoring in expenses, the health system ended last year with operating income of $225.6 million, compared to $138.8 million in 2019.
The health system said the rise in operating income was attributable to federal provider relief funds it received to cover lost revenue and expenses tied to the COVID-19 pandemic. Without the relief funds, Henry Ford Health would have posted an operating loss of $171.9 million in 2020, the health system said.
"The receipt of relief funds … had a significant favorable impact on operating results for the year ended Dec. 31, 2020," the health system said. "Risks of resurgence in COVID-19 infections, new mutations of the virus, and consumer confidence levels may continue to impact the system's revenue in 2021."
After factoring in nonoperating items, Henry Ford Health reported net income of $420.2 million in 2020, compared to $352.5 million a year earlier.