Columbia, Md.-based MedStar Health saw its revenue increase in the first half of fiscal year 2019, but ended the six-month period with a net loss due to the investment markets' unfavorable performance.
The nonprofit health system recorded operating revenue of $2.8 billion for the six months ended Dec. 31, according to recent financial filings. That's up $17.7 million, or less than 1 percent, from the first half of fiscal 2018.
MedStar also saw its expenses increase year over year to $2.7 billion in the first half of 2019. The health system attributed the increase in part to nursing and other agency usage and overtime required during nursing shortages.
For the most recent six-month period, MedStar reported operating income of $52 million, down from $58.6 million recorded in the same period a year prior. In terms of nonoperating results, the health system reported nonoperating losses of $139.5 million in the first half of fiscal 2019, compared to a nonoperating gain of $112.9 million in the first half of the previous year. MedStar largely attributed the change to poor performance in the investment market.
After including nonoperating results, MedStar ended the first half of fiscal 2019 with an $87.5 million net loss, compared to net income of $171.5 million in the first half of the prior year.