The following seven health systems recently released financial updates:
1. Phoenix-based Banner Health saw its revenue climb 10.6 percent year over year to $9.4 million in 2019. The revenue growth was attributed to a 7 percent growth in care delivery revenue and a 29 percent increase in revenue from its insurance division. Overall, Banner saw its net income climb from $44 million in 2018 to $726.8 million in 2019 due to strong investment gains.
2. Henry Ford Health System, based in Detroit, recorded a net income of $354.5 million in 2019, more than four times the $86.8 million reported in 2018. In 2019, the health system generated $6.3 billion in revenue, up from $5.9 billion the same period one year prior. Part of the revenue increase was attributed to a rise in net patient revenue from outpatient visits and expanded specialty pharmacy activity.
3. Portland-based MaineHealth reported an operating gain of $82.8 million in the year ended Sept. 30, 2019, a 21.9 percent increase from an operating gain of $67.9 billion reported in the same period in 2018. MaineHealth's revenue increased to $2.7 billion, compared to $2.5 billion reported in the same period one year prior. Overall, the system recorded a net income of $119.1 million, up slightly from the $118.2 million reported in fiscal 2018.
4. New York-based Montefiore Health System posted an operating revenue of $6.24 billion in 2019, which compares to an operating revenue of $5.91 billion in 2018. After factoring expenses, nonoperating gains and the revenue it generated from a vital access provider program, the health system ended the year with a net income of $8.67 million, down from the $53.48 million reported in 2018. Montefiore attributed the financial setback in net income to participation in some value-based contracts and underpayments from government-run insurance programs.
5. Renton, Wash.-based Providence posted a net income of $1.36 billion in 2019, compared to a deficit of $445 million in 2018. The health system reported revenue of $25.03 billion in 2019, up 2 percent from the $24.43 billion reported in 2018. The revenue increase was largely attributed to patient volume increases. The system's operating expenses rose to $24.65 billion in 2019. This compares to $24.26 billion in 2018.
6. Trinity Health, based in Livonia, Mich, recorded an operating income of $102.6 million in the first half of fiscal year 2020, which ended Dec. 31. That's compared to the same period of fiscal 2019, when the health system recorded operating income of $113.4 million. After factoring in nonoperating gains, Trinity reported a net income of $805.7 million in the first half of fiscal 2020, compared to an operating loss of $301.5 million in the same period one year prior.
7. San Diego-based Scripps Health reported revenue of $780.2 million in the first quarter of fiscal year 2020, which ended Dec. 31. This compares to the same period in fiscal 2019, in which Scripps recorded revenue of $747.2 million. The health system's expenses also increased 4.3 percent year over year in the first quarter of fiscal 2020. In the first quarter of fiscal 2020, Scripps posted an operating income of $1.9 million, more than triple the $607,000 in operating income posted in the same quarter in fiscal 2019. Scripps ended the first quarter of fiscal 2020 with a net income of $141.5 million, compared to a net loss of $171 million in the same period a year earlier.