Financial updates from Advocate Health Care, Cleveland Clinic & 3 other systems

The following five health systems recently released their financial statements for part or all of fiscal year 2017. 

1. Downers Grove, Ill.-based Advocate Health Care generated revenues of $1.52 billion in the second quarter of fiscal year 2017, a 7.6 percent year-over-year increase from $1.42 billion. At the same time, Advocate recorded operating income of $47.4 million, down 41.8 percent compared to $81.5 million in the same period a year prior.

2. Phoenix-based Banner Health continues to experience strong revenue growth, as revenue increased 9.4 percent from the second quarter of 2016 to the second quarter of this year. The system's revenue was also up year over year in the first quarter of 2017. Banner ended the second quarter of this year with operating income of $121.5 million, up from $93.5 million in the same quarter of 2016.

3. Cleveland Clinic Health System saw revenues of $2.16 billion in the second quarter of fiscal year 2017, up from revenues of $1.98 billion in the same period of the year prior. Cleveland Clinic ended the second quarter of this year with operating income of $130.5 million, more than triple the system's operating income of $40.2 million in the second quarter of 2016.

4. Kansas City-based University of Kansas Health System reported operating revenue of $2.1 billion in fiscal year 2017, compared to $1.7 billion in fiscal year 2016. The system recorded operating income of $73 million in fiscal year 2017, a 46.2 percent year-over-year decrease from $135.8 million.

5. Pittsburgh-based UPMC recorded revenues of $14.3 billion in the fiscal year ended June 30, compared to revenues of $12.8 billion in fiscal year 2016. Accounting for expenses, the health system recorded operating income of $240 million in fiscal year 2017, down 22.5 percent from operating income of $310 million in fiscal year 2016. 

More articles on healthcare finance:
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Cheyenne Regional Medical Center no longer at risk of losing CMS contract

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