Chicago-based Northwestern Memorial HealthCare saw revenue and operating income increase in the first quarter of fiscal year 2017, which ended Nov. 30.
The nonprofit system reported revenue of $1.19 billion in the first quarter of FY 2017, up 23.2 percent from $969.55 million in the same period of the year prior. The financial boost was largely attributable to an increase in net patient service revenue, which climbed 20 percent year over year to $1.16 billion, according to recently released bondholder documents.
NMHC kept its expenses in check in the first quarter of FY 2017 and ended the period with operating income of nearly $111 million. That's an 87 percent improvement from the $59.49 million in operating income the system reported in the first quarter of FY 2016.
After factoring in a boost in nonoperating income, the system's net surplus increased 270.9 percent year over year from $49.27 million in the first quarter of FY 2016 to $182.73 million in the first quarter of FY 2017.
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