Advocate Aurora sees net income grow to $351M, gets no relief aid in Q1

Advocate Aurora Health saw its operating income and revenue increase in the first quarter of 2021, according to financial documents released May 17. 

Advocate Aurora, which has dual headquarters in Milwaukee and Downers Grove, Ill., reported revenue of $3.3 billion in the quarter ending March 31. In the same period last year, the health system recorded revenue of $3.1 billion. Although patient service revenue for the first quarter of this year increased 4.2 percent to $2.7 billion, Advocate Aurora said revenue was "negatively impacted by the COVID-19 pandemic which led to cancellations and postponements of healthcare services."

Advocate Aurora also saw expenses increase year over year. In particular, the system recorded about $3.2 billion in expenses, including $13.3 million in nonrecurring expenses related to the implementation of a new EHR and divestiture of an Illinois disposal group.  

Advocate Aurora ended the first quarter with a $51 million operating income. In the same quarter last year, Advocate Aurora posted an $85.7 million operating loss. 

After factoring in nonoperating items, including a $295.7 million investment gain, Advocate Aurora recorded a net income of $351.8 million. In the same quarter last year, Advocate Aurora posted a net loss of $1.3 billion, which it largely attributes to financial market volatility and an investment loss. 

The health system didn't recognize any federal aid in the three months ending March 31. 

Copyright © 2022 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Whitepapers

Featured Webinars