Strong investment gains pushed Orlando Health's net income higher in the quarter ended Dec. 31, according to unaudited financial documents released Feb. 23.
Orlando Health, a 15-hospital system, reported revenue of $1.08 billion in the first quarter, up from $946.79 million in the same period of 2019. The increase was largely due to higher net patient service revenue, which was driven by an increase in elective surgeries and emergency room visits as well as hospital acquisitions, the health system said.
The health system's expenses also increased in the most recent quarter. Orlando Health's expenses totaled $975.38 million for the three months ended Dec. 31, up from $841.9 million in the same quarter a year earlier.
Orlando Health ended the first quarter of the fiscal year with operating income of $102.67 million, down from $104.89 million in the same period of 2019.
The health system recorded net income of $313.73 million in the first quarter, up 48 percent year over year. The increase was primarily attributable to investment income, which more than doubled from a year earlier.