Cleveland-based University Hospitals saw net income soar in the first half of 2017 as revenue, including nonoperating revenue from investments, increased year over year.
The system grew its revenue to $1.94 billion in the six months ended June 30, according to unaudited financial documents. That is up 4.4 percent from $1.86 billion recorded in the same period a year prior. University Hospitals attributed the growth to increased patient volumes and modest rate improvements at the start of 2017.
At the same time, University Hospitals saw expenses rise to $1.88 billion in the first half of 2017, up from $1.79 billion in the first half of 2016. Costs related to labor and supplies, among other expenses, contributed to the incline.
The system's operating income was virtually unchanged year over year, from $61.46 million in the six months ended June 30 of last year to $60.48 million in the same period this year. However, investments grew the system's nonoperating income to $50.08 million, up from a nonoperating loss of $25.87 million for the same period last year.
University Hospitals concluded the six months ended June 30 with net income of $110.55 million, more than triple the $35.58 million it posted the same time last year.
More articles on finance:
Puerto Rico wants federal officials to help with looming Medicaid funding crisis
CMS releases annual report on bundled payment performance: 5 things to know
CHS reports $110M net loss, completes 30-hospital divestiture spree