CHI revenue increases while operating loss grows to $66.7M

Englewood, Colo.-based Catholic Health Initiatives reported an operating loss of $66.7 million for the third quarter of its fiscal year, not including restructuring charges, compared to an operating loss of $32.6 million for the same period a year ago.

The system saw its revenue increase in the quarter that ended March 31, growing to $3.9 billion, up from $3.4 billion in the same period of the year prior.

However, CHI's expenses grew faster than its revenue. The system's total operating expenses before restructuring were up 15.1 percent in the third quarter compared to the same period of last year. CHI said the increase in expenses was primarily attributable to recently completed acquisitions.

Those transactions include CHI's acquisition of Toledo, Ohio-based Sylvania Franciscan Health and the addition of St. Alexius Medical Center in Bismarck, N.D. The system also modified its agreement with Conifer Health Solutions to increase its ownership from a 2 percent equity ownership to a 23.8 percent equity ownership.

CHI experienced a favorable shift in its payer mix in the quarter that ended March 31, including improvements in payer mix from self-pay to Medicaid in the Arkansas, Kentucky, Ohio and Pacific Northwest regions.

Admissions at the system's facilities were down 2.8 percent in the third quarter, compared to the same period a year ago. Inpatient surgeries were also down, falling 2.9 percent from the comparable period of last year. The system saw outpatient visits increase 3.7 percent in the quarter that ended March 31. However, outpatient surgeries were down 4.2 percent.

More articles on healthcare finance:

25 things to know about site-neutral payments
5 hospital CFOs in the headlines this week
8 recent hospital outlook and rating actions

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


Featured Webinars

Featured Whitepapers