Louisville, Ky.-based Norton Healthcare saw operating and net income grow in the fiscal year ended Dec. 31, 2017, compared to the previous year.
Here are four things to know about the nonprofit health system's financials, according to unaudited bondholder documents.
1. Norton Healthcare reported revenues of $2.2 billion in 2017, up 5 percent from $2.1 billion in 2016. The health system largely attributed the growth to an increase in patient service revenue and joint venture income.
2. At the same time, Norton Healthcare saw expenses grow 6 percent to $2 billion, compared to $1.9 billion in 2016. Salary and wage expenses grew 5 percent year over year for the health system, which was a major component of the uptick in expenses.
3. Greater total direct expense growth than total revenue growth resulted in a decline in EBITDA, from $219.5 million in 2016 to $205.9 million in 2017.
4. However, Norton Healthcare saw operating income increase 16 percent to $151.9 million, compared to $130.9 million in 2016, due to improved investment results. After including nonoperating gains, Norton Healthcare ended 2017 with $200.1 million in net income, 40.2 percent higher than $142.7 million reported in 2016.