Advocate Health posts $579M bottom line gain in Q1

Charlotte, N.C.-based Advocate Health reported $10.4 million in operating income — representing a 0.1 percent operating margin — and overall gain of $578.7 million for the three months ended March 30, its first full quarter.

The 67-hospital system, formed after Atrium Health merged with Advocate Aurora Health, posted $7.54 billion in revenue, with expenses hitting $7.53 billion in the first quarter. 

A $610.4 million return on investments lifted the health system's bottom line to $578.7 million. Total net assets for the period were $24.9 billion, while its cash and cash equivalents dipped from $1.44 billion to $1.27 billion over the course of the quarter.

Here's a breakdown of first-quarter results by division:

Advocate Aurora Health
Revenue: $3.9 billion 
Expenses: $3.8 billion
Operating income: $96.3 million 

Atrium Health Wake Forest Baptist
Revenue: $1.15 billion
Expenses: $1.17 billion
Operating loss: $ -20.5 million

The Charlotte-Mecklenburg Hospital Authority Combined Group
Revenue: $2.08 billion
Expenses: $2.07 billion
Operating income: $10.8 million

The combined system performed 108.045 surgeries in the first quarter — 30,239 inpatient and 77,806 outpatient —- and recorded 532,167 emergency department visits. 

Advocate Health's annual revenue is projected to be around $27 billion. The health system has more than 150,000 employees and serves 6 million patients a year across Illinois, Wisconsin, North Carolina, South Carolina, Georgia and Alabama. 

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