Banner Health reported revenue of $4.8 billion in the first two quarters of this year, up from $4.7 billion in the same period last year, according to unaudited financial documents released Aug. 13. The increase was due in part to $210 million in funds Banner received through the Coronavirus Aid, Relief and Economic Security Act and the health system’s business model.
“Banner’s model of integration — from payer to provider — is a natural ‘hedge’ against fee-for-service disruptions in our industry, and has allowed Banner to outperform financial expectations even during the late COVID-19 surge experienced in Arizona,” reads a slide in Banner’s investor presentation.
After factoring in a 2 percent year-over-year increase in expenses, Banner ended the first half of this year with operating income of $109 million. That’s compared to the first six months of 2019, when the health system posted operating income of $111.8 million.
Banner reported a $359.4 million nonoperating loss in the first half of this year, and ended the period with a net loss of $267.2 million. In the same period last year, the system posted a nonoperating gain of $444.6 million and net income of $430.9 million.
More articles on healthcare finance:
Medicare payment rules for 2021: 11 notes for hospital execs
Steward, medical billing company accused of illegal ‘revenue enhancement’ scheme
CMS unveils new payment model for rural hospitals: 10 things to know
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
