05/23/2019| by Will Maddox|
As
first reported in Becker’s Hospital
Review, Baylor Scott and White’s operating income jumped 18.4 percent from
last year, but its net income was down 17.6 percent from a year prior according
to unaudited financial documents.
The net
income loss is a continuation of a trend from earlier this year, when market
volatility took a chunk out of Baylor’s net income despite operating income
growth. In the 9 months prior to March 31, the North Texas nonprofit system
reported an operating income of $584.3 million, up from $493.5 million the year
before.
Baylor’s
operating revenue grew to $7.4 billion for the same period, up from $7.1
billion last year. But the operating expenses bumped up as well, from $6.6
billion to $6.9 billion.
When
other activity such as investments, interest, and one time purchases are
considered, Baylor’s net income dropped to $619.1 million from $727.9 million
for the nine months prior to March 31 relative to last year.
Salaries,
wages, and benefits, which represent around half of the health system’s
operating expenses, increased 1.7 percent from the year prior. With the
acquisition of First Care Health Plans this year, Baylor’s medical claims
increased 58 percent for the same nine month period.
Check
out the full financial documents here.
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