Nashville, Tenn.-based Vanderbilt University Medical Center reported higher revenue and operating income during the first half of fiscal year 2019 than in the same period of the year prior, according to recently released unaudited financial documents.
Four things to know:
1. VUMC reported operating revenues of $2.17 billion in the six months ended Dec. 21, up from $2.01 billion in the same period a year earlier. The boost was largely attributable to higher net patient service revenue, which climbed 8 percent year over year.
2. VUMC's operating expenses increased 6 percent year over year to $2.1 billion in the six months ended Dec. 31.
3. VUMC ended the six-month period with operating income of $73.89 million, up from $30.63 million in the six months ended Dec. 31, 2018.
4. "Our YTD FY19 operating results reflect our focus on increases [in] net patient service revenue while continuing to tightly manage our variable and fixed costs, which is evidenced by the fact that expenses grew at a rate of 6 percent while revenue and net patient revenue grew at 8 percent," VUMC said in the financial documents. "In addition to the significantly improved operating performance, the balance sheet has improved year over year."
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