Revenue in the first quarter increased 7.8% year over year to $8.1 billion while expenses grew by 6.6% to $8 billion. Labor costs for the 67-hospital system increased 6.7% to $4.7 billion and supply and drug costs increased 12.5% to $1.7 billion.
After factoring in nonoperating items, such as investment returns, Advocate Health reported a net income of $682.6 million in the first quarter, up from $ 578.7 million in the same period last year.
As of March 31, total unrestricted cash and investments was $21.8 billion and long-term debt was $7.4 billion.
Here is a breakdown of the health system’s first-quarter results by division:
Advocate Aurora Health
Revenue: $4.1 billion (+4.6% YOY)
Expenses: $3.9 billion (+3.7% YOY)
Operating income: $133.3 million (+38.4% YOY)
Net income: $359.8 million (+5.7% YOY)
Atrium Health Wake Forest Baptist
Revenue: $1.2 billion (+8.1% YOY)
Expenses: $1.3 billion (+7.8% YOY)
Operating loss: $18.2 million (-10.9% YOY)
Net income: $52.6 million (+180.5% YOY)
The Charlotte-Mecklenburg Hospital Authority Combined Group
Revenue: $2.3 billion (12.1% YOY)
Expenses: $2.3 billion (+12.5% YOY)
Operating income: $5.2 million (-52% YOY)
Net income: $204.2 million (-19.5% YOY)
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.
