Norfolk, Va.-based Sentara Healthcare nearly doubled its net income in the nine-month period ended Sept. 30, compared to the same period a year prior.
Sentara achieved net income of $484 million in the nine-month period, up from $244.2 million in the same period a year prior, according to unaudited financial documents. The nonprofit health system also reported operating income of $215.2 million in the nine months ended Sept. 30. This is up nearly 10 percent from $196.4 million recorded in the same period in 2016.
Sentara achieved operating revenue of $3.9 billion in the nine-month period, up almost 5 percent from $3.8 billion reported in the same period in 2016. The system attributed the increase to a 6.6 percent uptick in patient revenue for the nine months ended Sept. 30, compared to the same period a year prior. Sentara also saw admissions, inpatient surgeries and outpatient imaging volumes grow 3.2 percent, 3.8 percent and 1.1 percent, respectively.
The system ended the nine-month period with operating expenses of $3.7 billion, up 4.3 percent compared to the same period in 2016. The system attributed the incline, in part, to a 3.1 percent increase in labor costs, in addition to growing supply costs.