Detroit-based Henry Ford Health System ended the first quarter of 2019 on strong financial footing, according to unaudited financial documents released May 21.
Four things to know:
1. In the first quarter of 2019, Henry Ford Health System reported revenues of $1.6 billion. That's up 12.1 percent from the first quarter of 2018, when the system recorded revenues of $1.4 billion.
2. The system's net patient service revenue climbed 8.6 percent year over year. Management said the boost was attributable to several factors, including increased rates and expanded specialty and ambulatory pharmacy services.
3. Henry Ford Health System's consolidated expenses increased by 5.2 percent in the first quarter of 2019 compared to the same period of the year prior.
4. The system ended the first quarter of 2019 with net income of $120.4 million, up 502 percent from nearly $20 million in the same period a year earlier. Management said the increase was largely attributable to investment gains, which climbed from $1.8 million in the first quarter of 2018 to $95.4 million in the first quarter of this year.
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