Strong investment gains pushed Orlando Health's net income higher in the quarter ended March 31, according to unaudited financial documents released May 23.
Orlando Health reported revenues of $809.4 million in the second quarter of this year, down from $934.8 million in the same period of 2018. The decline was largely attributable to lower net patient service revenue.
The health system's expenses also declined in the second quarter of 2019. Orlando Health's expenses totaled $719.6 million for the three months ended March 31, down from $855.6 million in the same quarter a year earlier.
Orlando Health ended the second quarter of this year with operating income of $89.8 million, up from $79.2 million in the first quarter of 2018.
The health system recorded net income of $194.3 million in the second quarter of this year, more than double the net income of $78.1 million it reported in the second quarter of 2018. The sharp increase was primarily attributable to investment income. The health system posted investment income of $107.4 million in the second quarter of 2019, compared to an investment loss of $4.1 million in same quarter of last year.
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