BayCare’s 2018 annual revenue climbed to $4.16B

Clearwater, Fla.-based BayCare Health System saw operating revenue and operating income increase in 2018, but the nonprofit healthcare provider’s net income decreased year over year, according to recently released financial documents.

The 15-hospital system reported operating revenue of $4.16 billion for the year ended Dec. 31, up 5.7 percent from $3.93 billion reported in the year prior.

The boost is partly attributable to BayCare’s net patient service revenue, which increased from $3.81 billion in 2017 to $4.04 billion in 2018.

BayCare CFO Janice Polo told the St. Pete Catalyst that quality initiatives led to higher patient volume in BayCare hospitals, as well as gains in the system’s market share. BayCare’s total admissions increased 1.5 percent in 2015, and market share for the four counties served by the system has climbed to 36.5 percent, up 4 percentage points from four or five years ago, according to the Catalyst, which cites admissions and discharge data reported to the state.

BayCare experienced the revenue growth even as expenses climbed. The system’s operating expenses rose to $3.81 billion in 2018, up from $3.59 billion in the year prior.

BayCare also saw revenue increase as it invested in such technology initiatives as health hubs and a mobile app offering patients access to their medical records, the Catalyst reports.

After factoring in expenses, BayCare reported operating income of $344.4 million in 2018, up 0.5 percent from $342.7 million in the year prior.

The system’s net income dropped 73 percent year over year to $216.6 million in 2018. The decline was largely attributable to investment losses.

 

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