MultiCare Health System, an eight-hospital system based in Tacoma, Wash., reported revenue growth and a slight year-over-year decline in operating income for 2019.
MultiCare recorded operating revenue of $3.2 billion in 2019, up 10.6 percent from the year prior, according to unaudited financial documents released Feb. 12. Higher patient volumes were one of the factors that contributed to the revenue growth, the health system said.
Inpatient admissions were up 5.3 percent in 2019, and emergency room visits increased 9.5 percent year over year.
Higher operating expenses offset MultiCare's revenue growth last year. The health system's expenses increased 11.1 percent year over year to $3.1 billion. MultiCare reported increases in salaries and wages as well as higher supplies costs in 2019.
MultiCare ended 2019 with operating income of $102.1 million and an operating margin of 3.2 percent. In 2018, the health system reported operating income of $103.4 million and an operating margin of 3.5 percent.
Favorable investment performance last year pushed MultiCare's net income higher. The health system posted net income of $313 million in 2019, up from $42.9 million a year earlier.