Essentia Health, a 14-hospital system based in Duluth, Minn., reported year-over-year revenue growth in the fiscal year ended June 30, but it ended the period with lower operating income, according to unaudited financial documents.
Here are six things to know:
1. The health system reported revenue of $2.19 billion in the 12 months ended June 30, up from $2.17 billion a year earlier.
2. Essentia has received $112 million in grants made available under the Coronavirus Aid, Relief and Economic Security Act, $81 million of which it recognized in fiscal 2020 revenue.
3. The system's revenue growth was offset by higher expenses, which climbed 2 percent year over year to $2.16 billion.
4. Essentia said patient volume was down significantly in late March and April due to the COVID-19 pandemic and started to recover in May and June.
5. The health system ended the most recent fiscal year with operating income of $27.1 million, down 49 percent from $53.5 million a year earlier.
6. After factoring in nonoperting items, the system ended the fiscal year with a net loss of $15.9 million, compared to net income of $98.3 million a year earlier.