San Diego-based Scripps Health's operating income increased in the second quarter of fiscal 2015 as patient volumes at the system's facilities grew.
Here are five key points from Scripps' second-quarter financials.
1. The system posted revenue of nearly $649 million, up from $600.2 million in the same period of last year.
2. The revenue growth was primarily attributable to an increase in provider fee revenue and net patient service revenue, which climbed 4.6 percent in the second quarter due to higher patient volumes, including higher hospital emergency room visits, trauma cases and outpatient visits.
3. The system's expenses grew to $613.9 million, up from $569 million in the comparable period of 2014. The growth was partially attributable to an increase in provider fee expense and the system's depreciation expense increasing by $6.3 million. The higher depreciation expense is related to the Scripps Prebys Cardiovascular Institute at La Jolla (Calif.), which was placed in service during December 2014, and the Critical Care Building at Encinitas (Calif.) Hospital, which was placed in service during June 2014.
4. Scripps reported operating income of $36.6 million, up from $31.2 million for the same period a year ago.
5. The system posted net income of $71.8 million, up from $54.7 million in the comparable period of last year.
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