Beaumont Health's net income more than doubled in 2019

Southfield, Mich.-based Beaumont Health saw its net income more than double in fiscal year 2019.

The organization's total net income reached $390.2 million in fiscal year 2019. Net operating income was $185.2 million, and nonoperating gains hit $205 million in 2019.

By comparison, in fiscal 2018, Beaumont reported a net income of $147 million, which was composed of $240.7 million net operating income and a nonoperating loss of $93.6 million.

Beaumont reported operating revenue of $4.7 billion in fiscal 2019, a $43.3 million increase from fiscal 2018, when the system reported $4.66 billion in revenue.

Beaumont's operating expenses also increased 0.5 percent year-over-year.

Beaumont Health CFO John Kerndl applauded his team, saying that in fiscal 2019 they saw "significant reductions in supply expense and some reductions in liability expense."

More articles on healthcare finance:
Bankrupt California health system lays off 920 employees
Healthcare bankruptcies outpacing those in other industries
Partners operating income sinks more than 60%

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Featured Webinars

Featured Whitepapers