Cone Health recorded an operating margin of 2.8 percent in the most recent fiscal year, compared to an operating margin of 2 percent in fiscal year 2016.
The system’s operating revenues grew 9.4 percent year over year, from $1.7 billion to $1.8 billion, as net patient revenue increased 5.8 percent during the same time period.
But Cone Health saw expenses rise 8.5 percent in the fiscal year that ended Sept. 30. The system said supply costs increased 5.3 percent in fiscal year 2017, compared to the same period of the year prior. The system partially attributed that growth to supplies for intensive inpatient surgeries as well as high cost cancer treatment spending.
Cone Health ended fiscal year 2017 with operating income of $51.9 million and net income of $66.3 million. This is up from operating income of $33.3 million and net income of $59.8 million in fiscal year 2016.
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