Providence, R.I.-based Lifespan reported operating income of $22.8 million in the fiscal year ended Sept. 30, 2017, up 132.6 percent from operating income of $9.8 million recorded in fiscal year 2016.
Here are three things to know about the nonprofit health system's most recent full-year results, according to financial documents.
1. Lifespan reported a 5.1 percent year-over-year increase in net patient revenue in 2017 compared to the previous fiscal year. At the same time, the health system said changes in payer mix, partially offset by rate increases, resulted in a $19 million net decrease.
2. The health system saw operating expenses grow 3.9 percent, or $67.9 million, in the year ended Sept. 30, 2017, compared to the previous year. Lifespan attributed the change to rising compensation and benefit, supplies and purchased services expenses.
3. After factoring in nonoperating gains, Lifespan ended fiscal year 2017 with $27.5 million in net income, turning around a $22 million deficit recorded in the previous fiscal year.