New Orleans-based Ochsner Health saw a net income of $154.4 million in the first nine months of the year, a 15.8 percent increase from the same period in 2020, according to its quarterly financial results.
The health system, which owns, manages or affiliates with 48 hospitals and hundreds of health centers, reported revenue of more than $4.3 billion in the nine-month period ending Sept. 30, a 37.5 percent increase from the same period in 2020. A large portion of its revenue growth is from patient services revenue, which grew 55 percent to $3 billion in the first nine months of this year when compared to the same period last year.
Total expenses increased in 2021 compared to 2020. Expenses were more than $4.2 billion in the first nine months of this year, a 41.4 percent increase compared to last year. Ochsner attributed the expense increase to a rise in salaries and wages, benefits, medical services to outside providers, medical supplies and services, and other operating expenses. Depreciation and interest also rose, when compared to the same nine-month period last year.
Overall, Ochsner recorded an operating income of $50.9 million in the nine-month period ending Sept. 30. In the same period last year, Ochsner saw an operating income of $123.1 million.
Ochsner said its operating income was affected by both the COVID-19 pandemic and Hurricane Ida, which damaged more than 70 of its facilities.