Steward Health Care System reported operating income of $131 million in 2015 — the first time the Boston-based system has posted a profit since it was formed in 2011, reports The Boston Globe.
Steward formed in 2011 to take over struggling hospitals formerly run by the Archdiocese of Boston. At the time, four of Steward's six hospitals were operating at a loss.
Steward finally made it into the black last year after reporting an operating loss of $75 million in 2014, according to the company's public filings obtained by The Boston Globe. The system's revenue increased by 1 percent year over year to $2.2 billion in 2015.
Steward officials said the system's financial turnaround was partially attributable to a reduction in pension liability. After contributing nearly $300 million to cover pension liability inherited from the church, the system's financial statement showed a $132 million gain due to reduced pension expenses, according to the article.
Steward has grown to become one of the largest health systems in Massachusetts, with nine hospitals.