Boston-based Mass General Brigham, formerly Partners HealthCare, saw its revenue and net income increase in the three- and nine-month periods ended June 30.
The health system reported revenues of $4.1 billion in its third quarter, which ended June 30, compared to revenues of $3.1 billion in the same period last year. The system said increases in patient activity contributed to revenue growth.
"Over the course of the past year, the hard work of every team member across our system has helped instill confidence in our patients that it is safe to come back and receive the care that may have been put off," Mass General Brigham CFO and Treasurer Niyum Gandhi said in an earnings release. "We are seeing volume return to pre-pandemic levels, which is a big step forward as we prepare to deal with a new set of headwinds, including rising labor and benefits costs."
After factoring in expenses, Mass General Brigham ended the third quarter of this year with operating income of $128.2 million. In the same period of 2020, the system reported an operating loss of $373.2 million.
Looking at the first nine months of 2021, revenues were up nearly 18 percent year over year. Mass General Brigham ended the first three quarters of this year with operating income of $507.9 million, including $232 million in Coronavirus Aid, Relief and Economic Security Act funds to reimburse the system for lost revenue and higher expenses tied to the pandemic as well as $30 million in ACA risk corridor program subsidies for insurance coverage provided from 2014-16. In the first nine months of 2020, the system reported an operating loss of $506 million.
Mass General Brigham reported a nonoperating gain of $2.39 billion in the first nine months of 2021 and an overall gain of $2.9 billion. In the same period last year, the system reported a nonoperating loss of $192.2 million and an overall loss of $698 million.