Baptist Health South Florida records operating surplus as net income sinks 63%

Baptist Health South Florida's revenues increased in the third quarter of fiscal year 2018, but the Miami-based system's net income plummeted amid lower investment income, according to recently released unaudited bondholder documents.

Baptist Health South Florida recorded revenues of $766.5 million in the quarter ended June 30, up 21.3 percent from revenues of $632 million the year prior.

However, the health system's expenses also rose. Baptist Health South Florida reported expenses of $759.4 million in the third quarter of fiscal year 2018, up 18 percent from the year prior.

The health system ended the third quarter of fiscal year 2018 with operating income of $7.1 million. That compares to the third quarter of fiscal year 2017, when the health system recorded an operating loss of $10.4 million.

After factoring in investment income, "loss on extinguishment of long-term debt," "inherent contribution of unrestricted net assets" from its 2017 merger with Boynton Beach, Fla.-based Bethesda Health, and other nonoperating gains, Baptist Health South Florida posted net income of $20.7 million in the third quarter of fiscal year 2018, down 63 percent from $56.6 million the year prior.

 

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