San Francisco-based Dignity Health (pdf) recently released its fiscal year 2012 results, and net income took a major hit, as it fell 86.2 percent from 2011 to 2012.
Dignity's net income in FY 2012, which ended June 30, totaled $132.5 million compared with $960.5 million in 2011. Net patient revenue crept up only 2.7 percent, from $9.3 billion last year to $9.6 billion this year.
Rising expenses accounted for part of Dignity's lower profits, as total expenditures increased 4.2 percent year-over-year. In addition, Dignity lost a significant amount on investment income due to weak market conditions. In 2011, Dignity reported $717.9 million in investment income, but this year's market yielded only $73.4 million in investment returns — a 90 percent drop.
In the year ended June 30, 2012, Dignity also recorded $769.7 million in cash and cash equivalents. Total assets equaled $5.66 billion.
Dignity's net income in FY 2012, which ended June 30, totaled $132.5 million compared with $960.5 million in 2011. Net patient revenue crept up only 2.7 percent, from $9.3 billion last year to $9.6 billion this year.
Rising expenses accounted for part of Dignity's lower profits, as total expenditures increased 4.2 percent year-over-year. In addition, Dignity lost a significant amount on investment income due to weak market conditions. In 2011, Dignity reported $717.9 million in investment income, but this year's market yielded only $73.4 million in investment returns — a 90 percent drop.
In the year ended June 30, 2012, Dignity also recorded $769.7 million in cash and cash equivalents. Total assets equaled $5.66 billion.
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