Driven by investment gains, Greenville, S.C.-based Prisma Health's net income doubled in fiscal year 2021, according to recently released financial results.
The 18-hospital health system saw its revenue increase 10.4 percent to $5.3 billion in the 12 months ending Sept. 30. Prisma said its revenue growth was largely attributed to patient volume rebounds and $81.2 million in federal relief funding.
Prisma also saw its expenses rise in fiscal 2021 to $5.3 billion, up from $4.7 billion recorded in the same period one year prior. Prisma said that its COVID-19-related expenses in fiscal 2021 reached $194.7 million.
Prisma recorded an operating income of $63.2 million in fiscal 2021, which represents a margin of 1.2 percent. In fiscal 2020 Prisma recorded an operating income of $106.6 million, or a 2.2 percent operating margin.
After factoring in nonoperating gains of $401.6 million, Prisma ended fiscal 2021 with a net income of $464.8 million. In fiscal 2020, Prisma recorded nonoperating gains of $125.9 million and had a $232.6 million net income.
"Management continues to exercise readiness and financial discipline, operating with the assumption that surges in COVID-19 patient demand and additional restrictions and advisories imposed by the federal and state governments may occur again," Prisma said in the financial report.