St. Louis-based Ascension saw revenues increase in the first half of its fiscal 2020, which ended Dec. 31, but the system ended the six-month period with lower operating income, according to unaudited financial documents.
Ascension reported operating revenue of $13.1 billion in the first half of fiscal 2020, up 4 percent from the same period a year earlier. The health system said the revenue boost was attributable to a few factors, including higher patient volume and expansion of service lines and sites of care.
During the six months ended Dec. 31, inpatient admissions, equivalent discharges, and emergency room, surgery and urgent care visits increased. Ascension said outpatient volumes grew 4.6 percent year over year.
Ascension's operating expenses climbed 4.2 percent year over year. The system's impairment, restructuring and nonrecurring losses totaled $74.6 million in the first half of fiscal 2020, up from $42.4 million during the same period a year earlier.
Ascension ended the first two quarters of fiscal 2020 with operating income of $84.5 million. That's compared to operating income of $93 million in the same period of fiscal 2019.
After factoring in nonoperating items, including a favorable investment return of $755.7 million, Ascension ended the first half of fiscal 2020 with net income of nearly $795.5 million. In the first two quarters of fiscal 2019, Ascension recorded a net loss of $567.9 million.