Trinity Health reported higher revenue, operating income and net income in fiscal year 2021 than a year earlier, according to financial documents released Oct. 1.
Livonia, Mich.-based Trinity posted revenue of $20.2 billion in the fiscal year ended June 30, up 7.1 percent from $18.8 billion in fiscal year 2020. The revenue growth was primarily attributed to a $1.3 billion year-over-year increase in net patient service revenue, which was due to payment rate increases and improvements in case mix.
Trinity also reported higher expenses. In fiscal year 2021, expenses increased by $559.6 million. Expenses increased across several categories, including supplies and labor.
Trinity reported operating income of $657.6 million in the most recent fiscal year, compared to an operating loss of $344.7 million a year earlier.
After factoring in investments and other nonoperating items totalling $3.3 billion, Trinity posted net income of $3.9 billion, up from a net loss of $75.5 million a year earlier.