Chicago-based Northwestern Memorial HealthCare's operating income dipped lower in the first quarter of fiscal year 2018, which ended Nov. 30. However, it benefited from higher investment gains and saw net income rise year over year.
The nonprofit system reported revenue of $1.3 billion in the first quarter of fiscal year 2018, up from $1.2 billion in the same period of the year prior. The financial boost was primarily attributable to an increase in net patient service revenue, which climbed 6.8 percent year over year to $1.24 billion, according to recently released bondholder documents.
After factoring in a 7.7 percent year-over-year increase in expenses, the system ended the first quarter of fiscal year 2018 with operating income of $109 million. That's down 1.8 percent from $111 million in the first quarter of fiscal year 2017.
Fueled by a significant increase in investment gains, NMHC recorded net income of $337.5 million in the three months ended Nov. 30, which was nearly double the net surplus of $182.7 million the system recorded in the first quarter of fiscal year 2017.
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