West Reading, Pa.-based Tower Health reported positive results in its fiscal year ended June 30.
The six-hospital system saw revenues increase 55.7 percent in 2018 to $1.6 billion, up from $1.1 billion reported in 2017, according to unaudited financial documents. Tower Health primarily attributed the increase to its Oct. 1, 2017, acquisition of five hospitals and related physician groups from Franklin, Tenn.-based Community Health Systems.
Tower Health saw expenses rise 56.5 percent year over year to $1.6 billion. This included a one-time charge of $15.7 million for the sale of its retirement facility, its five-hospital CHS acquisition and installing Epic at the five acquired hospitals.
After incorporating nonoperating gains and increases in investment income, Tower Health ended fiscal year 2018 with net income of $126.5 million, more than double the $52.1 million the system posted during fiscal year 2017.
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