Pittsburgh-based Allegheny Health Network reported positive earnings from operations for the fifth straight quarter in the three months ended June 30, according to the Tribune-Review.
The network, a subsidiary of Pittsburgh-based Highmark Health, ended the second quarter of 2018 with operating income of $22.3 million, up from the $16.4 million the health system recorded the same period a year prior, according to unaudited financial statements.
The seven-hospital health system reported revenue of $822.2 million in the second quarter of 2018, which is nearly 7 percent higher than the $770.8 million reported in the second quarter of 2017. The network's expenses increased to $799.9 million in the quarter ended June 30, compared to $754.4 million in the same period of 2017.
AHN ended the second quarter of 2018 with net income of $17.1 million. That's down from net income of $28.3 million in the second quarter of 2017, but higher than net income of $983,000 reported in the first quarter of 2018.
The latest financial results mark continued financial improvement for the health system, which reported positive full-year earnings for the first time in 2017.
"We are very pleased with not only how [last year] ended up, but the continued strong results from the first six months in 2018," Jeff Crudele, CFO of AHN, told the Tribune-Review. "We continue to be very successful at attracting additional business and patient volume to our ambulatory surgery centers and expanding access."
He attributed the network's financial improvement to increased revenue and cost-savings initiatives, as well as better prices on some utility expenses.
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