SSM Health saw revenues rise last year, but the St. Louis-based health system ended 2018 with lower operating income than in 2017, according to audited financial documents released April 1.
SSM Health's revenues climbed 16.2 percent year over year to $7.55 billion. The revenue growth was due in part to an 18 percent year-over-year increase in net patient services revenue.
Higher expenses partially offset SSM Health's revenue growth in 2018. The health system's operating expenses climbed 15 percent year over year to $7.43 billion.
After factoring in $112.8 million in nonrecurring items, SSM Health ended 2018 with operating income of $11.15 million, down from $30.8 million in the year prior. Excluding impairment losses primarily on assets held and used at its Mid-Missouri locations, SSM Health's operating income before nonrecurring items was $124 million in 2018, up from $40.1 million in 2017.
On Jan. 1, 2018, SSM Health and the Congregation of Sisters of St. Agnes completed a transfer of sponsorship of CSA's healthcare facilities. Under the transaction, SSM Health added four hospitals, four long-term care facilities and multiple outpatient care sites. In connection with the agreement, SSM recognized an inherent contribution of $598,817 last year.
Including the credit from the acquisition and other nonoperating items, SSM Health's net income climbed to $505.2 million in 2018. That's compared to 2017, when SSM Health recorded net income of $246.1 million.
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