Cone Health's Q1 operating income falls 68%

Greensboro, N.C.-based Cone Health saw its revenue increase during the first quarter of fiscal year 2019; however, the health system experienced a decrease in operating and net income.

Cone Health's total operating revenue increased to $511.7 million in the first quarter of 2019, up 6.2 percent from $482 million in the same quarter a year prior, according to recent financial documents. Expenses also climbed to $507.3 million, up 8.4 percent from $468.1 million in the same quarter a year before.

The health system posted operating income of $4.4 million in the quarter ending Dec. 31, down 68 percent from $13.8 million in the same period a year prior. The first quarter of fiscal 2019 was affected by snow and ice events in December, the health system said, leading to lower inpatient activity at a higher acuity level. Overall inpatient volume fell by 2 percent.

After accounting for nonoperating losses, Cone Health ended the quarter with a net loss of $1.5 million, down from net income of $14.8 million in the same period last year.

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