Driven by large investment gains, Livonia, Mich.-based Trinity Health saw its net income reach $3.2 billion in the nine-month period ending March 31, according to its recently released financial report. In the same period one year prior, the health system saw a net loss of $883.5 million.
Trinity saw $2.6 billion in nonoperating gains through the third quarter of fiscal year 2021 and improved operating performance. Through the third quarter of fiscal 2020, Trinity saw a nonoperating loss of $746.3 million.
For the first nine months of fiscal 2021, Trinity posted operating revenue of $15.1 billion, a 6.3 percent increase compared to the same period in fiscal year 2020, including COVID-19 relief grants. Excluding the grants, operating revenue grew 2.4 percent for the first nine months, driven by an increase in net patient service revenue.
The health system also saw its expenses increase 0.7 percent year over year to $14.4 billion. Trinity attributed the expense increase to a boost in supply costs.
Trinity said it incurred $40.7 million in restructuring costs for Mercy Hospital and Medical Center in Chicago, which it recently sold to nonprofit Insight. The costs were primarily related to severance and termination benefits, it said.
The health system ended the first nine-month period of fiscal 2021 with an operating income of $694.6 million, not including the restructuring costs. In the same period in fiscal 2020, Trinity recorded an operating loss of $103.5 million.