Second-quarter revenue increased 0.4% year over year to $186.5 million while expenses decreased 3% to $183.2 million.
Net income for the quarter was $4.5 million, compared to a net loss of $5.6 million in the second quarter of 2023.
Days cash on hand was 236 as of June 30, down from 246 on Dec 31, 2023.
Last year, Adena transitioned 340 revenue cycle department employees to Ensemble Health Partners’ payroll as part of a plan to boost the system’s financial stability.
“Most organizations don’t have the internal resources to stay up to date or be able to effectively deal with certain issues to get paid correctly,” CEO Jeff Graham told Becker’s. “We partnered with Ensemble … to outsource and share in the management of those operations, which brings great benefit to Adena, but also provides an opportunity for employees to grow their career in a much larger setting.”
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.