Providence, R.I.-based Lifespan reported operating income of $6.8 million for the second quarter of fiscal year 2017, compared to $2 million in the same period the year prior.
The system said the growth primarily reflected an increase in net patient service revenue, according to unaudited financial documents. The nonprofit health system saw net patient service revenue jump 5.5 percent, or $24.7 million, in the second quarter ended March 31, compared to the same period in 2016.
Although the system saw an increase in operating income, it also saw a 4.1 percent, or $21 million, increase in operating expenses in the second quarter of fiscal year 2017 compared to the same period the year prior. Lifespan said the increase primarily resulted from a year-over-year $15.7 million increase in compensation and benefit costs, the majority of which included the addition of 367 full-time equivalents.
For the six months ended March 31, Lifespan grew its operating income to $7.8 million compared to a $3.7 million operating loss during the same period in 2016. The system attributed the change primarily to an increase in patient volume. The system also increased its revenue in the first six months of 2017 compared to the same period in the year prior, from $1.01 billion to $1.06 billion.
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