Baylor Scott & White's net income falls 55%

Dallas-based Baylor Scott & White Health saw its revenue increase in the first half of fiscal year 2019, but losses on investments dragged down its bottom line.

The health system reported operating revenue of $4.9 billion in the six months ended Dec. 31, up 2 percent from $4.8 billion in the same period a year prior, according to unaudited financial documents. Baylor Scott & White attributed the increase to an uptick in net patient revenues thanks to higher outpatient registrations, clinic visits and patient encounters.

At the same time, salaries, wages and supply costs increased the health system's expenses. Baylor Scott & White recorded total operating expenses of $4.5 billion in the first half of fiscal 2019, up 1.4 percent year over year from $4.4 billion.

Baylor Scott & White did see an increase in operating income in the first half of fiscal 2019. The system reported operating income of $415.8 million, up 8.4 percent from the same period in fiscal year 2018. However, nonoperating losses pulled down the health system's bottom line.

Baylor Scott & White recorded a $186.8 million loss on investments for the first six months of fiscal 2019, compared to a $111.8 million gain on investments during the same period in fiscal 2018. After including nonoperating results, Baylor Scott & White ended the first half of fiscal 2019 with net income of $267.7 million, down 55 percent from $595.5 million reported at the same time a year prior.

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