Syracuse, N.Y.-based St. Joseph Hospital Health Center saw net income of $8 million on revenue of $518.7 million in the nine-month period ended March 31, according to an unaudited financial report of umbrella company Livonia, Mich.-based Trinity Health.
The net income marked the health system's first profit in roughly four years, according to a syracuse.com report. St. Joseph recorded an operating loss of $19.7 million on revenue of $495.4 million for the same period a year prior
The improved financial performance included a $20 million state grant issued to St. Joseph last year to pay for debt the system incurred after purchasing a large physician practice. The health system would have seen an operating loss of $12 million for the nine-month period without the infusion, according to syracuse.com.
Meredith Price, CFO of St. Joseph, told syracuse.com the system is "showing some improvements but not to the point yet where we're functioning at a better than break even level."