Nashville, Tenn.-based Vanderbilt University Medical Center saw its operating income and revenue grow in the first half of fiscal year 2020 compared to the same period one year prior, according to recently released unaudited financial documents.
The medical center reported an operating revenue of $2.43 billion in the six months ended Dec. 31, up from revenue of $2.17 billion in the same period in fiscal 2019. It attributed the increase to growth in patient service revenue, which grew 12 percent year over year, and a boost in academic and research revenue.
The medical center saw operating expenses increase 11 percent, to $2.33 billion, in the first half of fiscal 2020. This compares to $2.1 billion in the same six-month period in fiscal 2019.
The medical center's operating income hit $99.73 million in the first half of fiscal 2020, an increase of nearly 35 percent from the $73.89 million generated in the same period last year.
"Our YTD FY20 operating results reflect our focus on increasing patient volumes while continuing to tightly manage our variable and fixed costs, evidenced by the fact that expenses grew at a rate of 11 percent, while revenue and patient revenue both grew at 12 percent," the university stated in the financial documents.