Charlotte, N.C.-based Carolinas HealthCare System reported net income of $7.3 million for the first nine months of 2011, a stark drop compared to the $193 million net income it had for the first nine months of 2010, according to a Charlotte Observer report.
The drop was attributed to a $134 million investment loss during the first nine months of the year. The system's operating income, however, grew. Carolinas reported revenue of $2.9 billion and revenue minus expenses (excluding investment losses) of $111 million for the first nine months, up 45 percent from the same period a year ago. The gains were driven by a reported 5.6 increase in patient volumes, according to the report.
The system also reported a 16 percent increase in uncompensated care for the first nine months compared to the same period a year ago.
Carolinas HealthCare Gets CON Approval for New Hospital in Fort Mill, Beating Out Tenet and Novant
The drop was attributed to a $134 million investment loss during the first nine months of the year. The system's operating income, however, grew. Carolinas reported revenue of $2.9 billion and revenue minus expenses (excluding investment losses) of $111 million for the first nine months, up 45 percent from the same period a year ago. The gains were driven by a reported 5.6 increase in patient volumes, according to the report.
The system also reported a 16 percent increase in uncompensated care for the first nine months compared to the same period a year ago.
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