Waukesha, Wis.-based ProHealth Care recorded a net loss in the three months ended Dec. 31, 2018, thanks in part to losses on investments, according to unaudited financial documents.
Three things to know:
1. ProHealth generated net patient service revenue of $189.1 million in the three-month period, up 3.6 percent from the same period in 2017. The health system attributed the change to higher charges due primarily to a 4 percent annual price hike, as well as favorable hospital outpatient and clinic use.
2. At the same time, ProHealth's operating income fell to $4.1 million in the three-month period, down 27.5 percent year over year. The health system primarily attributed the change to timing on recognition of its shared savings contracts through its ACO. ProHealth also earned $200,000 less on its joint venture equity earnings than in the prior year.
3. ProHealth saw expenses climb during the three months ended Dec. 31 to $202.3 million, up 3.7 percent year over year thanks in part to labor and supplies costs. After factoring in a nonoperating loss of $46.9 million — pulled down by investment losses driven by market conditions — ProHealth ended the three-month period with a net loss of $42.8 million, compared to net income of $35.8 million recorded in the same period a year prior.
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