A $21 million loss related to a pension settlement affected the nonprofit, six-hospital system’s bottom line, as did lower return on investment. CoxHealth ended the year with $45.2 million in net income, down 40 percent from $75.3 million reported in 2017.
CoxHealth saw its unrestricted revenues grow 6.7 percent to $1.5 billion in fiscal year 2018, compared to $1.4 billion in 2017. Greater patient services revenue and premium revenue led to the increase.
The health system kept its expenses in check, with total expenses increasing 6.4 percent to $1.5 billion in 2018, compared to $1.4 billion the year prior. Increases in labor and supply costs contributed to the change.
CoxHealth improved its operating income to $37.4 million in 2018, up 27 percent from $29.4 million recorded in the previous fiscal year.
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