Columbia-based University of Missouri Health Care reported an operating income of $49.3 million (2.8% margin) for the fiscal year ending June 30, improving on the $34.7 million gain (2.1% margin) reported in the previous fiscal year.
Revenue increased 6.1% year over year to $1.75 billion while expenses grew by 5.3% to $1.7 billion, according to financial documents published Aug. 29. Salary and wages expenses increased 0.9% year over year to $579.9 million and employee benefits costs increased 15.6% to $167.8 million.
Greg Damron took over as CFO of MU Health Care in June, one month after the system opened a 160-bed children's hospital and birthing center to help meet rural healthcare needs.
"It's going to let us maintain our positioning around pediatrics," Mr. Damron told Becker's. "There aren't other facilities around in our area that can handle a lot of the services we provide. So for the system and the community, it just provides a great place for pediatrics to be done, and will help us not only attract patients, but faculty and perhaps eventually be able to provide more types of services."
MU Health Care's growth plans include seeking out further opportunities to expand its footprint and renegotiating better, hitting cost reduction and revenue growth goals and renegotiating better payer contracts this year, according to Mr. Damron.