Philadelphia-based Temple University Health System saw its financial position improve in the six months ended Dec. 31, according to unaudited financial documents released Feb. 21.
The health system reported revenues of $1.1 billion in the six-month period that ended Dec. 31, up from $911.9 million in the same period a year earlier.
Total net patient service revenue increased 13.6 percent year over year, primarily due to Temple Faculty Practice Plan physician revenues of $72 million that were not included in results for the year prior. On July 1, Temple University transferred the assets and liabilities of Temple University Physicians to Temple Faculty Practice Plan, a new subsidiary of TUHS.
The health system's operating expenses climbed 11 percent year over year to $1.05 billion in the six months ended Dec. 31. Higher expenses related to supplies and pharmaceutics drove the growth.
TUHS ended the six-month period with operating income of $7 million and net income of $13.8 million. In the six months ended Dec. 31, 2018, the health system recorded an operating loss of $26.2 million and a net loss of $21.2 million.