Chicago-based Northwestern Memorial HealthCare's operating income rose in the first quarter of fiscal year 2019, but the system ended the period with a net loss.
The nonprofit system reported revenue of $1.5 billion in the three months ended Nov. 30, up from $1.3 billion in the same period of the year prior. The growth was partially due to an increase in net patient service revenue, which rose 18.6 percent year over year to $1.42 billion, according to recently released bondholder documents.
The system also saw expenses grow year over year, from $1.2 billion to $1.4 billion. Once expenses were factored in, the health system ended the first quarter of fiscal year 2019 with operating income of $112 million. That's a 3 percent increase from operating income of $109 million in the first quarter of fiscal year 2018.
After factoring in nonoperating gains and losses, including loss on investment, Northwestern recorded a net loss attributable to the health system and subsidiaries of $13.3 million in the quarter ended Nov. 30. That compares to net income of $337.5 million in the same period of a year prior.
More articles on healthcare finance:
Positive outlook seen for US healthcare stocks this year
Kansas hospital is stable despite manager's financial struggles, CEO says
Trump administration working on plan for Medicaid block grant program