Strong patient volume growth pushed Advocate Aurora Health's revenue higher in 2018, according to unaudited financial documents released March 27.
Advocate Aurora Health was formed in April 2018 with the merger of Downers Grove, Ill.-based Advocate Health Care and Milwaukee-based Aurora Health Care. Since 2018 was the health system's debut year, some financial and operating results were presented on a pro forma basis, using accounting records of Advocate Health and Aurora Health as if they had been a combined company for all of 2018.
The health system, which has dual headquarters in Downers Grove and Milwaukee, reported revenue of $12.2 billion in 2018, up from $11.7 billion a year earlier. The increase was fueled by strong patient volume growth. Advocate Aurora Health said outpatient visits and home care visits climbed 4.7 percent and 6 percent, respectively, year over year. Advocate Aurora, like many other health systems, reported a slight decline in discharges in 2018.
After factoring in a 4.2 percent year-over-year increase in operating expenses, Advocate Aurora posted operating income of $472.4 million in 2018. That's down from $554.7 million in 2017.
Advocate Aurora reported a nonoperating loss of $277.1 million in 2018, which included an investment loss of $267.3 million. The system ended 2018 with net income of $150.5 million, down from $1.2 billion a year earlier.
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