Geisinger's net income rises by $400M through Q3

Listen
Text
  • Small
  • Medium
  • Large

Danville, Pa.-based Geisinger posted net income of $456.3 million in the nine months ended Sept. 30, a more than $400 million increase from the same period in 2020, according to its financial report. The increase in net income through the third quarter was largely driven by a $334.6 million gain from nonoperating activities. 

Total revenue for the health system, which includes nine hospital campuses, was $4.8 million in the nine months ended Sept. 30, a less than 1 percent increase from the same period last year. A large part of this revenue was from net patient service revenue and premium revenue, which were $2.2 billion and $2.4 billion, respectively. Other revenue decreased by 20.4 percent because it received less COVID-19 relief funding in the nine-month period this year, Geisinger reported. Geisinger also noted that clinic outpatient visits increased by 26.2 percent and discharges increased by 12.5 percent year over year.

The health system's expenses also only had a slight increase year over year, hitting $4.7 billion in the nine months ended Sept. 30. Salaries and benefits decreased by 3.5 percent year over year while medical claims, supplies and purchased services increased.

After factoring in those expenses, Geisinger's operating income reached $119.9 million in the nine months ended Sept. 30, a 27.5 percent increase from the same period last year, which was $94 million. The health system said in the report that the COVID-19 pandemic negatively affected its operating income in 2020.

Copyright © 2021 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars