Memphis, Tenn.-based Methodist Le Bonheur Healthcare saw its net income fall in the first nine months of fiscal year 2018, despite a rise in patient revenue, according to the health system's financial documents.
Methodist saw its combined net patient service revenue grow by $47 million year over year, due in part to higher payment rates. The health system posted total revenue of $1.54 billion for the nine-month period ended Sept. 30, up from $1.48 billion recorded in the same period a year prior.
At the same time, the health system saw its expenses increase to $1.49 billion, compared to $1.44 billion in the same period in fiscal 2017. The system attributed the increases to growth in labor and supplies costs.
While revenues outpaced expenses, after accounting for a $35.5 million decline in nonoperating gains in the nine-month period compared to the year prior, Methodist posted an 18.6 percent drop in net income. Methodist ended the period with net income of $84 million, down year over year from $103.2 million.
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