Los Angeles-based Cedars-Sinai Medical Center reported operating income of $321 million in fiscal year 2017, down 16.2 percent from $383 million in fiscal year 2016.
The 886-bed nonprofit academic medical center's operating income decreased as expenses rose about $100 million year-over-year in the fiscal year ended June 30, according to unaudited financial documents. Cedars-Sinai saw expenses rise from $2.9 billion in fiscal year 2016 to $3 billion this year due to increases in salaries.
At the same time, net patient revenue grew $24 million year-over-year to $3 billion in fiscal year 2017. Cedars-Sinai attributed the increase to an uptick in patient volumes. However, lower reimbursement from commercial exchange insurance and Medicare members offset revenue gains.
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