Boca Raton Regional Hospital sees revenue increase, operating income fall in Q2

Boca Raton (Fla.) Regional Hospital saw revenue increase in the second quarter of fiscal year 2019, but the hospital ended the period with lower operating income and a net loss.

The hospital recorded operating revenue of $141.6 million in the quarter that ended Dec. 31, up 7 percent from operating revenue of $132.3 million the same period a year prior, according to recent financial documents. The growth is largely attributable to an increase in net patient service revenue, which climbed year over year to $138.4 million.

At the same time, operating expenses rose amid rising labor and supplies costs, from $128.8 million in the second quarter of fiscal year 2018 to $139 million in the same period of fiscal year 2019.

For the second quarter of fiscal year 2019, the hospital saw operating income of $2.5 million, down 29 percent year over year from $3.5 million.

But hospital spokesperson Tom Chakurda told Becker's a big part of the fall is because in the second quarter of fiscal year 2018, the hospital recovered financial losses from Hurricane Irma. He also noted that year to date in fiscal year 2019, the hospital is outperforming last year ($29,000 operating loss year to date vs. $2.2 million operating loss the same period of last year).

After factoring in net realized and unrealized investment losses, the hospital ended the second quarter of 2019 with net loss of $7.3 million, compared to net income of $6.5 million in the same quarter a year prior.  

The hospital's latest financial results come after it and Miami-based Baptist Health South Florida in December signed a formal letter of intent to merge. The transaction is expected to close by June 30.

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